Market players said the first major ABS victim of the Deutsche Bank and Banker's Trust merger has surfaced. Reuben Cohen, the head of BT's global structured finance group, was described by one source as "in transition" after finding out he is one of a growing number at the bank "who will not have a position going forward."

After recently completing the acquisition of BT, Deutsche Bank is beginning the process of eliminating the close to 5,500 jobs it had promised to cut late last year in order to hammer out a new structure.

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