Deutsche Bank hires a veteran credit trader from Credit Suisse as it looks to build momentum in investment-grade bonds

Deutsche Bank have hired a veteran trader from Credit Suisse to bolster its bond-trading business.

Michael Lattarulo has resigned from the Swiss bank for a senior trading role at Deutsche Bank, according to sources familiar with the matter, where he’ll focus on investment-grade financial institutions.

A Deutsche Bank representative declined to comment. Credit Suisse did not immediately respond to a request for comment.

A nearly two-decade industry veteran, Lattarulo is joining the German bank for the third time in his career. He started out there in 2003, according to FINRA records, and left for Bank of America in 2011. Lattarulo, who’s known on the Street for trading high volumes of bonds, according to an industry insider, rejoined Deutsche Bank in 2018 for one year before jumping to Credit Suisse.

Now he’s back, and the firm will count on his experience as it aims to build momentum in high-grade credit trading. While fixed-income trading has been a consistent moneymaker at the firm, much of the firm’s success has come from its vaunted distressed-credit group.

Deutsche Bank lost a slew of credit traders last year amid cost cuts from its global restructuring and a compressed bonus pool. That included Steve Feinberg, previously head of IG credit, who left last July to join MUFG.

But the bank did have performance bright spots in IG last year, and has remained competitive in recruiting senior talent in fixed-income.

For scandal-bitten Credit Suisse, it’s the latest in a string of exits across its investment bank.