Aug. 7 (Bloomberg) -- Deutsche Bank AG, which generates about a quarter of its revenue from fixed-income trading, hired high-yield debt trader Nick Brice from Credit Suisse Group AG, according to people briefed on the move.
Brice, 29, will start at the Frankfurt-based bank later this year as a director, said one of the people, who asked not to be identified because the move wasn’t public. Brice has focused on trading debt tied to the energy sector, one of the people said.
Deutsche Bank ranked third among global investment banks in first-half fixed-income trading revenue this year, up from fourth in 2013. The bank said that credit-trading revenue increased in the second quarter, helping to counter a decline in currency and interest-rates trading.
Brice joined the capital markets division of Wachovia Corp. in 2006 after attending Cornell University. Wachovia was bought in 2008 by Wells Fargo & Co., and the next year Brice left for Credit Suisse, according to his Financial Industry Regulatory Authority record.
Brice declined to comment when reached by phone.