Deutsche Bank Deepens Emerging-Market Rebuild, Adds Two Traders

(Bloomberg) -- Deutsche Bank AG is deepening its push into emerging-market credit, adding two executives in New York as part of an expansion that began last year and included the high-profile poaching of a star trader from a rival.

Thomas Fitzpatrick, who previously held senior trading roles at Mizuho Securities USA LLC and UBS, started in December, while former HSBC Securities trader Christopher Staudt was also hired by the German lender, according to people with knowledge of the matter who declined to be named discussing confidential information. Both will focus on Latin American corporate debt.  

At least 13 people — spanning traders, salespeople and analysts — have joined Deutsche Bank’s desks in New York and London as the firm rebuilds its emerging-markets business, with a particular focus on Latin America. More hires are expected, potentially bringing the total to around 25, people familiar with the plan said. 

The hiring spree is part of efforts led by executives including Chris Leonard, co-head of fixed income and currencies for the Americas, who pitched the expansion to senior management, the people said. A spokesperson for Deutsche Bank declined to comment. 

The bank had largely wound down its emerging-market credit desk in New York since around 2019, during a time when it was scaling back in several areas to focus on core businesses following a long period of scandals and losses. On Wednesday, Deutsche Bank was raided by German authorities as part of a money laundering probe. Public prosecutors are looking at past dealings by staff with firms linked to the now-sanctioned Russian financier Roman Abramovich, according to people familiar with the matter.

Deutsche Bank’s renewed commitment to emerging markets has come at a good time. The sector has been on a tear for months, spurred by President Donald Trump’s trade war and a rush to diversify and hedge exposure to the US, as well as growing confidence around many developing economies. Demand from yield-hungry investors drove one of the best years on record for emerging-market bond sales in 2025, a trend that has continued into this year.

The rebuilding efforts turned heads across Wall Street last year when the firm lured away star emerging-markets trader Justin Weinberg from Jefferies Financial Group Inc. — who took three colleagues with him. The defections roiled Jefferies, leading to the removal of one of the co-heads of emerging markets. The other departed.

After completing so-called garden-leave periods, Weinberg and his team spent weeks on the road last fall meeting clients and explaining the revamp. Now they’re starting to see a pickup in flows, according to people familiar, trading developing-world credits with large shops.

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