The most popular person at Credit Suisse joined Deutsche Bank
Jonathan Moore’s reemergence was always going to be a big deal. After four months out of the industry, it’s now become apparent that when Moore said he was leaving Credit Suisse to “pursue other opportunities,” what he meant was that he was joining Deutsche Bank. IFR reported yesterday that Moore is joining DB as head of European flow credit sales and trading sometime soon.
Deutsche Bank has created a new job especially for Moore. He will be head of combined European credit sales and trading at the bank, whereas previously the roles were split. Aside from the problems at Credit Suisse, this helps explain why Moore took the role, which is ostensibly a more provincial one: at Credit Suisse, after all, he was appointed global co-head of credit in 2020.
As we've noted here before, Moore was very, very popular at Credit Suisse and is likely to attract various other CS people to DB. The German bank already hired Paul Bajer, Credit Suisse's former head of credit structuring, Brian Connors, who co-headed investment grade trading, and various others. More members of Moore's team are likely to follow.
While Deutsche has hired Moore, it's let go of Mark Hebert, its New York-based head of investment grade credit trading. Given that Deutsche Bank is one of the top players in credit trading globally, Hebert's exit doesn't bode well for credit jobs at rivals, and at CS in particular.
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