Deutsche Bank rebuilds energy trading with senior hires

Deutsche Bank has hired former Goldman Sachs traders Madhav Janakiraman and Benoit Bosc and at least two commodities sales executives from Morgan Stanley to expand its energy trading team. People familiar with the matter said the new recruits will report to Kow Atta-Mensah, who joined the bank earlier this year from Morgan Stanley to lead growth in energy trading.

The hires are meant to broaden the bank’s market-making and client-facing energy capabilities. Deutsche Bank said the investment will focus on financial energy market making and supporting corporate customers internationally, and that it does not intend to return to the full range of commodity products.

Before the recent recruitment, Deutsche Bank operated a smaller energy trading unit concentrated on market making and facilitating transactions for corporate clients. That unit was previously led by Christopher Kenny, who has left the bank and will join Wells Fargo as a managing director in energy commodities trading, a Wells Fargo spokesperson confirmed.

The bank substantially reduced its commodities business in 2013, cutting hundreds of roles across energy, agriculture, dry bulk and base metals. Banks reduced those businesses then after post-crisis rules raised the capital needed to support trading books.

Energy trading at Deutsche Bank is based in the rates division, while metals trading sits in the foreign-exchange business. The bank has been developing its metals franchise under Prakash Shah, who joined in 2020. Deutsche Bank reported more than $100 million in revenue from its precious-metals business in the first half of 2025.

Oil, natural gas and power markets have seen large price swings in recent years, creating demand from corporate clients for services such as market making, hedging and structured products. Hedge funds and other non-bank firms have increased activity in areas once dominated by banks, including market making and physical commodities trading.

People familiar with the hires said the new traders and sales staff will work together to widen product offerings for corporate customers, with an emphasis on financial solutions rather than a full return to physical commodity trading. The bank declined to name the Morgan Stanley sales recruits or provide further details about their roles.