Deutsche Bank has hired Ed Bayliss to run US credit trading, according to sources familiar with the matter, in the latest sign of the bank's ambitions to grow its markets business across the Americas.
Bayliss recently left Morgan Stanley, where he had co-headed credit trading globally, and is due to join Deutsche in August. His hiring comes as Deutsche is beefing up its fixed-income activities in the Americas, marking a dramatic reversal of the sweeping cuts it made to those businesses several years ago.
A spokesperson for Deutsche Bank declined to comment.
Deutsche has a long-established presence in financing and trading less liquid parts of the credit universe. But it has, until recently at least, struggled more in the business of trading "flow" products like corporate bonds.
That has started to change over the past year or so, though, as the bank has expanded its flow credit trading operations in Asia and Europe. Last year, Deutsche reported a marked revenue uptick in European flow credit trading after making some senior hires in that business and materially increasing its bond trading volumes with clients.
Updated story: Adds details on Bayliss' role and context around Deutsche's flow expansion