The ax fell on Deutsche Bank staffers last week. Sources close to the bank said that the lay-offs were in the sales and trading division as well as research. These lay-offs did not come as a surprise to people familiar with the situation.
Morgan Joseph & Co., a full-service investment bank, expanded its analytics and trading group, which operates in the secondary market for fixed-income structured products. The firm hired two new members to the team, including Thomas Carter, a 13-year veteran in the structured transaction field. Carter joins as an analyst and marketing representative. Andrew An, who has been involved in fixed income for 11 years, will handle sales on the West Coast. Carter and An were brought on as managing directors. Previously, Carter was at General Electric Capital Corp., first as a vice president in structured transactions, and later as business development manager in capital markets. In February 2001, he was named a director at Guggenheim/Liberty Hampshire/Links Securities, in New York City, where he was responsible for all aspects of the CDO transaction process, and served for three years. Thereafter, he became a managing director at Broadstreet Group, originating and structuring new issue CDOs, and then went to Pali Capital in January 2005 as a managing director where he headed up structured products activities, his last position before joining Morgan Joseph. An most recently served as vice president of the structured products group at Countrywide Securities Corp., where he covered large Tier 1 residential non-agency and agency MBS clients.