Deutsche Bank's new top trading team is expanding in Singapore
Deutsche Bank's new precious metals team is having a good year. And after doing so, it is adding new traders, based in Singapore.
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Bloomberg reported this week that DB's precious metals team - which was disbanded in 2014 and reconvened under different leadership in 2020, generated $100m in revenues during the first half of this year. DB insiders told Bloomberg this places the bank in the same league as JPMorgan and HSBC.
Such leaks, late in the year, can be seen as a pitch for higher bonuses. Deutsche Bank might take note. So, too, might rival banks, who must be seen-off with higher pay.
They can also be a pitch for more resources. Accordingly, Deutsche Bank is looking for a senior precious metals trader in Singapore who can "grow and risk manage" its physical metals trading portfolio.
The fortunate individual achieving this job will report to Prakash Shah, Deutsche's Singapore-based head of metals trading. Shah himself joined the bank in 2020 from WestPac Group and has been hiring. In July, Deutsche hired Alexandru Pop from TD Securities as its head of precious metals trading for EMEA. Last October, it hired Tim Davis, also of TD Securities as head of metals trading for APAC. Dan Timošenko, who confusingly also claimed to be Deutsche's head of global metals trading, left for Qube around the same time.
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