Deutsche Bank’s head of prime broking in the US has left to return to Goldman Sachs after seven years for a new senior equity sales role.
Marcelo Pizzimbono first joined Goldman Sachs in 2000 having been with JP Morgan for over two years prior working within the Latin American equities team.
At Goldman Sachs, Pizzimbono was a managing director for US equity sales although departed ten years later for a role with Deutsche Bank.
He was promoted to head of US prime brokerage in 2015 having initially joined as head of New York research sales.
A spokesperson for Goldman Sachs declined to comment.
Deutsche Bank’s prime brokerage business has suffered in recent year with the bank citing it as one of the main reasons for the decline across its equities revenues.
Last year, a small group of hedge funds carrying out their derivatives business with Deutsche Bank decided to cut ties with the prime brokerage unit due to fears over its health.
Meanwhile Goldman is looking to reclaim its top spot in the US prime brokerage industry after dropping down Coalition’s latest investment banking rankings, sharing joint second place with JP Morgan.
Last year it appointed Jeff Nedelman as global head of prime services, which encompasses prime brokerage, clearing and futures businesses, as part of a wider reshuffle to lead its charge in equities.
It also appointed Jack Sebastian and Tony Pasquariello to take over Nedelman’s previous role as co-US equities heads.