Deutsche Bank (NYSE:DB) robbed Gunnar Hoest from Credit Suisse (NYSE:CS) to head up its commodities department, while Credit Swiss then replaced Hoest with Alexander Toone, who will be moved from the London office of the company to its Asian commodity business.
Hoest will start for Deutsche staring in June, also as head of their Asian commodities unit, while Toone heads for the Singapore office to lead the Asia-Pacific commodities business of Credit Suisse.
Hoest is taking the place of Simon Grenfell, who is moving to London to lead metals sales and origination.
Commodities are continuing to be one of the more targeted sectors by large banks, as a number of former revenue streams have been hit by regulation around the world, leaving tighter markets to choose from to generate revenue and profits.
The commodity market is considered one of the more lucrative and desirable sectors at this time, even though prices have reached high levels across the board, with a few exceptions like natural gas and agricultural commodities.
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