Weinstein leaves Deutsche Bank

Deutsche Bank's New York-based co-head of global credit trading, Boaz Weinstein, will leave the bank in the second quarter to set up a hedge fund.

Weinstein's London-based co-head Colin Fan will take over as sole head of global credit trading. Fifteen of his colleagues at Deutsche Bank will join Weinstein at the new fund. The bank is reported to be cutting 900 jobs in its global markets division in response to losses in 2008; November saw the departure of its global and Asian equity derivative heads after losing €386 million on the equity prop trading book.

Weinstein's former superior, global credit and commodities head Rajeev Misra, left the bank in June - also to set up an investment fund.