Bill Kelly, the former Bankers Trust executive who headed securities lending marketing and sales for Deutsche Bank in the United States, has left the firm to join Bank of New York.
His departure is yet another sign of the disintegration of the securities lending group at Deutsche Bank, which has suffered from low morale since it was parked within the rudderless custody group at the giant German bank, which struggled to provide it with either leadership or resources.
More than a dozen Deutsche Bank staffers have defected to Dresdner Kleinwort Wasserstein, where former Deutsche Banker Tim Smollen is heading the newly formed securities lending team within a short term products group with encompasses repo and equity finance as well.