In the latest Michael Lewis book, “The Big Short,” we learn of a Deutsche Bank trader named Greg Lippmann who basically made the market in which to short subprime asset-backed securities. Including some of those infamous CDOs you may have heard of.
According to Bloomberg, Lippmann is out. Deutsche Bank has now named Pius Sprenger to head of CDO trading.
Sprenger comes from a background dealing with European asset-backed securities and CDO trading.
The 41-year-old Lippmann will leave to to go work for a firm being started by investor Fred Brettschneider, Deutsche Bank’s former head of global markets in America. Lippmann will no doubt be fine at his new job as he made hundreds of millions of dollars from doing CDO deals with DB in the past.
Business Insider Emails & Alerts
Site highlights each day to your inbox.