In last month's edition of Euromoney we published an article on page 10 headed "Is Deutsche's CDO business out of control?" which referred to Mark Stainton, Deutsche's successful former Head of CDO trading. Some readers may have thought that the article suggested that there was a link between Mark Stainton's departure from Deutsche to go to Citadel and an alleged overstatement of profits by Deutsche's trader Anshul Rustagi, whose dismissal from Deutsche Bank is currently subject to appeal.
We now understand that Mr Stainton's move from Deutsche to Citadel took place prior to the discovery of the allegations against Mr Rustagi and accept that this was entirely unconnected with the allegations.
We did not intend to suggest that Mr Stainton was responsible for any failure by Deutsche to detect the alleged over-statement of profits by Mr Rustagi or that Mr Stainton knew of or was in any way implicated in any wrongdoing.
We sincerely apologise to Mr Stainton for the distress and embarrassment caused by our article.