Deutsche Bank appears to be committed to its earlier promise that it will hire more professionals within its equities division, with the German firm managing to recruit one of its former employees, Eric Bensoussan, according to a report from eFinancialCareers.
Reportedly, it is understood that Bensoussan will return to the troubled company in the next couple of months. His return may coincide with that of David M. Ryan, who will be joining Deutsche as head of equity derivative sales in Europe.
During his career, Bensoussan managed to accrue a great deal of experience in the financial sector. Between 2003 up until 2011 he was employed with Deutsche Bank until he left to join UBS where he was the head of commodities structuring.
After this, he then moved on to Nomura, the largest brokerage in Japan. While here, he was employed as head of equity and quantitative investment strategies structuring at Nomura for several years.
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From here, after Nomura cut its equities business, he then went on to establish his own firm in 2016 to provide advice on quantitative strategies. The fact that Bensoussan was self-employed and not working at a major firm could be part of the reason he was snatched up by Deutsche, as he was more likely cheaper to recruit. The same can be said for David Ryan, who was most recently working at a boutique brokerage.
New Recruits Join Deutsche Bank in Troubled Times
It’s no secret that both Bensoussan and Ryan are joining Deutsche Bank at a precarious time. The German firm is currently the subject of a money-laundering investigation and only recently, had its offices raided.
Adding insult to injury, Deutsche Bank is being sued by Hamburg-based bank M.M. Warburg & Co. The firm is seeking €46 million ($52.04 million) which Deutsche was ordered to pay in capital gains tax.
The lawsuit, which was filed in December last year in a Frankfurt regional court, accuses Deutsche Bank of failing to withhold taxes of €46 million for a series of share trades. These allegedly took place in 2010 and 2011 as part of Deutsche’s role as a custodian bank.
According to eFinancial Careers, Bensoussan didn’t respond to a request for comment on his new job and Deutsche Bank declined to comment on his arrival.