Deutsche Bank recruits first base metals trader

Bloomberg

Deutsche Bank made its first hire of a base metals trader as the German lender plots a partial return to the business about a decade after pulling back.
Thiebaud Format will join Deutsche Bank in London from BNP Paribas SA, according to people familiar with the matter. He will work on the existing precious metals desk but his role will include some base metals trading. All asked not to be identified discussing the private information.
The hire is part of trading head Ram Nayak’s strategy to selectively expand offerings in a bid to keep growth intact at the fixed income and currencies unit that has driven much of the lender’s turnaround.
Deutsche Bank in 2013 decided to exit dedicated energy, agriculture, dry bulk and base metals trading and fold precious metals into the fixed income unit, as tighter rules made the business less attractive.