Deutsche Bank, Barclays Fortunes Differ in Turkish Turmoil Bets
- Deutsche Bank traders said to earn profit over two weeks
- Meanwhile, senior Barclays trader faced losses of $19 million
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Deutsche Bank AG traders generated a $35 million profit in two weeks sparked by economic turmoil in Turkey. That same volatility cost Barclays Plc some trading losses, according to people with knowledge of the matter.
The Deutsche Bank fixed-income traders, who work on a desk focused on central and eastern Europe, the Middle East and Africa, made more than $10 million on Aug. 10 when the Turkish lira plunged the most in almost two decades, the people said, asking not to be identified discussing private information. The team was positioned to profit from any slump in asset prices across the region, they said.