Deutsche hires distressed trading head from Goldman

Deutsche Bank has announced that it has hired Goldman Sachs loan trader Stephen Byrne to head distressed credit trading in Europe. He reports to Gavin Colquhoun, who was previously the head of distressed trading, and who is now head of the distressed products group.

Byrne worked for 14 years at Goldman, and most recently served as co-head of European high yield and public loan trading. The move therefore represents a switch from trading mainly par loans to focusing on distressed debt trading.