The biggest bank in Germany, Deutsche Bank AG, announced the hiring of Matt Montana to head its equity trading for its asset and wealth management division for the Americas. Prior to being engaged by Deutsche Bank AG, Montana was employed at Bank of America for 25 years. He would be holding office in New York and would be the direct report of Joshua Friedberg, the head of trading at the bank for the Americas.
According to a press release, Deutsche Bank had hired at least ten people for the expansion of its asset and wealth management group in a bid to boost profits in advisory work for the elite and wealthy.
In a statement, Freidberg said, "We continue to strengthen our trading team. Matt has deep market knowledge from his background as a highly experienced trader and he will be an integral part of the team."
On the downside, Montana is one of the many employees dismissed from BofA last March, according people having direct knowledge of the decisions made at that time. The reason for the employment terminatuions was to reduce overall compensation costs, according to an anonymous source as the said personnel decisions were not made public.
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