JPMorgan hired one of Deutsche Bank's Credit Suisse credit traders in London

JPMorgan wants some new credit traders. Deutsche Bank has quite a few of them, hired from Credit Suisse two years ago. That is a compelling combination. 

Allessandro Pellereti, a former Credit Suisse credit trader who left the Swiss bank in February 2023 just as Joel Kent, Credit Suisse's then-global head of credit products was visiting in an effort to stabilize the team, has gone to JPMorgan in London.

Pellereti didn't respond to a request to comment, but his LinkedIn account shows him joining JPMorgan this month after a brief two-year stint at Deutsche Bank. He'll be an executive director in credit trading at the US bank.

Deutsche Bank declined to comment on Pellereti's exit. The German bank still employs plenty of its former Credit Suisse traders, including Karen Miles, its current head of high yield trading and Vivek Nahar in emerging markets trading. Jonathan Moore is still there as head of combined European credit sales and trading. The FCA register says Moore was appointed to a role in "significant management" at DB in early June 2025.

JPMorgan, meanwhile, has lost staff from its own credit trading team, which is run by global head of credit trading Sanjay Jhamna in London.  Austin Garrison, its head of North American credit trading, retired last month. 

Deutsche itself has lost members of its distressed products group in London. However, Deutsche Bank's fixed income traders had a record first quarter, when their revenues increased 91% year-on-year to the highest level in 13 years. CEO Christian Sewing said in May that fixed income traders should generate revenues up in the "low single digits" in Q2. 

If JPMorgan finds it hard to prise other Deutsche credit traders away in these circumstances, there are other options. Kent himself didn't join DB, but went to Santander, where he has been head of US credit trading since June 2024. 

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