Finance: Deutsche Bank is hiring an ex-Goldman Sachs partner to run its global equities business (GS)

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Deutsche Bank is hiring Peter Selman, a former Goldman Sachs partner, to run its global equities business.

  • Deutsche Bank is hiring Peter Selman, a former Goldman Sachs partner, to run its global equities business.
  • Selman spent 22 years at Goldman Sachs before retiring in 2016 as a cohead of global equities trading and execution services.
  • The hire is part of a wave of additions to the bank's sales and trading operation, including 50 managing directors and directors in the US this year.

Deutsche Bank is hiring an ex-Goldman Sachs partner to run its global equities business, part of a growing investment in the firm's US presence.

Peter Selman, who was a cohead of global equities trading and execution services at Goldman Sachs before retiring in 2016, has agreed to join the German bank as the head of global equities, according to people familiar with the matter.

Deutsche Bank declined to comment.

Selman will be tasked with reviving Deutsche Bank's equities business at a time when trading is facing deep struggles across Wall Street. While the equities business hasn't fared as badly as bond trading, it's nonetheless down 3% from 2016 through the first nine months of the year, with revenue falling to $32.3 billion from $33.3 billion.

In the first half of the year, Deutsche Bank ranked in the latter half of the top 10 in global-equities league tables, consistent with its ranking for all of 2016, according to the industry consultant Coalition.

Deutsche Bank has been investing heavily to bolster its sales and trading operation, adding 50 managing directors and directors in the US this year, mostly in equities and credit. The firm hired two managing directors and six directors in equity trading earlier this month.

The firm, which has about 10,500 employees in the US, has also hired more than two dozen managing directors and directors in its US corporate-finance division.

Selman's arrival provides additional heft to the growing equities team.

Selman, 44, spent 22 years at Goldman Sachs and was named a partner in 2006. He ran the firm's US equities trading and global equity derivatives operation from 2007 to 2014, when he was promoted to cohead of global equities trading and execution services. He has a degree in economics from the University of Cambridge.

He will be based in the firm's New York office and report to Marcus Schenck and Garth Ritchie, the coheads of Deutsche Bank's corporate and investment bank, and Tom Patrick, who was previously the global chief of equities and was named the bank's Americas CEO this summer.

Source: https://slimgist.com

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