Executives at Deutsche Bank, seeking to regain market share in the high-yield business that veered off track when the bank acquired Bankers Trust Corp., have embarked on an ambitious rebuilding of its junk bond group.
Like many firms, Deutsche is hiring. Plans include adding staff to the high-yield and mezzanine finance team, both to expand offerings and offset some departures. As Deutsche combined its existing fixed income business with Bankers Trust's, it lost some senior people. Matthew Collins, a managing director at Bankers Trust in London, joined Merrill Lynch's leveraged finance team last March, bringing six executives with him, and Timothy Collins in July left to join J.P. Morgan's high-yield syndicate desk.