Deutsche loses prime brokerage chief to Lloyds wholesale division

LLOYDS Banking Group’s wholesale division has poached a Deutsche Bank executive to be its new head of e-commerce and over-the-counter (OTC) derivatives.

Joe Cassidy is leaving his job as head of rates prime brokerage and OTC clearing at Deutsche to go to the state-owned UK lender.

It comes less than a week after it emerged that Deutsche’s incoming co-chief executives are planning a major shake-up of the bank’s management.

One industry source called the lender’s investment banking team “pretty bloated”.

Lloyds, by contrast, is keen to expand its cross-selling of products between its retail and wholesale divisions under the leadership of former Citigroup banker Andrew Géczy.