Shawn Faurot, Deutsche Bank’s longstanding head of US credit trading, is leaving after nearly two decades at the bank, according to an internal memo seen by IFR.
He will continue to work closely with management to ensure a smooth transition until he leaves in December, the memo said, the contents of which were confirmed by a Deutsche spokesperson.
Faurot was instrumental in building the bank's US distressed credit business, having risen through the ranks after joining in 2003 as a distressed credit analyst, according to his LinkedIn profile. He led the US distressed products group and was promoted to head of US credit trading in 2015.
Structured credit (including distressed) was one of the few parts of Deutsche’s sprawling markets business that was shielded from swingeing cuts after chief executive Christian Sewing took over in 2018. Deutsche's prowess in trading and financing the least liquid and most complex parts of debt markets has helped it become one of the largest global banks by credit revenues in recent years and provided a crucial source of income for its investment bank.
In one recent high-profile example, Deutsche made €300m from distressed debt and equity positions on Israel’s Zim Integrated Shipping Services in the first half of the year, chief financial officer James von Moltke said on its latest earnings call.
One source said Faurot is joining Sycamore Partners in New York, a private equity firm specialising in retail and consumer investments. Neither Faurot nor Sycamore immediately responded to requests for comment.