This comes as news emerges from Citi that it is moving Mark Tsesarsky, co-head of global securitized markets, to head of special situations/securitization. Citi say that this will be “a prop effort focused on distressed debt”. Last year, Deutsche Bank, which is one of the largest players in the European distressed market, increased its manpower by almost one-third.
It would seem that the major banks are priming themselves as they bolster their distressed debt units. Other banks said to have built out distressed debt capability include leading leveraged finance banks such as Credit Suisse, and Morgan Stanley as well as Lehman Brothers.
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