Deutsche Bank Securities, the investment banking unit of Deutsche Bank, said Tuesday that it had hired Richard Byrne of Merrill Lynch & Co. to lead its high-yield debt capital markets team.
Mr. Byrne was named managing director and global head of the unit, the bank said.
He will report to Grant Kvalheim, the global head of debt capital markets, and Ted Virtue, the president of BT Alex. Brown Inc., after $675 billion-asset Deutsche Bank completes its merger with Bankers Trust Corp.
Mr. Byrne, 38, was co-head of the global leveraged finance group and manager of global credit research at Merrill.
It is the second defection from Merrill to Deutsche in as many weeks. Last week Merrill lost Daniel G. Kramer, its global head of repo finance; he was hired as head of European equity finance at Deutsche.
At least four Merrill bankers have jumped to Deutsche since Thomas Gahan, its head of global leveraged finance, joined Deutsche in January.