An exodus hits Deutsche Bank's vaunted credit-trading group - Business Insider

, carrying away execs like John Pipilis and Paul Huchro in the process, according to reports from Bloomberg.

"On the credit side, historically, even going back years, distressed was their big bread-winner, and they also did good in par loans," one source familiar with the credit-trading division said. "Management made pretty draconian decisions around year-to-year numbers irrespective of platforms and longevity and businesses that were working," one source familiar with the division's recent compensation cycle said, adding that the strategy "seems shortsighted."

Chang and Arca landed seats at BofA and JPMorgan, respectively — superior trading platforms for high-yield and investment-grade trading. The high-yield team is shorthanded, especially in senior trading experience, following the exits, though Stephen Deletto, a veteran ex-Bear Stearns trader who joined Deutsche last year after the hedge fund Kildonan Castleis straddling the distressed and junk-bond teams at the moment. The desk also has a director, VP, and two junior traders, the sources said.

Despite its myriad struggles in recent years, Deutsche has remained competitive in recruiting talent. That's in part because the firm remains a significant player in some business lines, but it's also known for paying higher base salaries than peers. The bank has seen improving performance in IG this year, a source close to the firm said. Several sources cited Mir Subjally, who trades Yankee banks and insurance firms and who was up over $40 million midway through the year, as a bright spot and rising star on that team.

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