Key Takeaways
- • Deutsche Bank is set to hire Plamen Balchev, previously Bank of America's head of EMEA rates sales, after a period of gardening leave, according to eFinancialCareers.
- • Balchev joined BofA only in June 2025, following 12 years at JPMorgan and three years at Goldman Sachs, making his departure a short tenure.
- • Balchev will reportedly work alongside Noel Cochrane, Deutsche Bank's existing head of EMEA rates sales for official institutions, and will cover hedge funds.
- • Neither Deutsche Bank nor BofA commented, and Balchev did not respond to requests for comment; his reasons for leaving are unclear.
- • The move comes amid strong demand for rates sales talent, with Barclays' Punitha Raja cited as attracting interest from other banks.
Summary
Deutsche Bank is set to add a senior rates salesperson with the hire of Plamen Balchev, who is understood to be joining after a period of gardening leave, according to eFinancialCareers. Balchev was most recently head of EMEA rates sales at Bank of America. He joined BofA only in June 2025, following 12 years at JPMorgan and three years at Goldman Sachs, so his tenure at the bank was brief.
Neither Deutsche Bank nor Bank of America declined to comment on the move, and Balchev did not respond to a request for comment. The reason for his departure at this point in the year is not clear. eFinancialCareers suggests it could be linked to a large guaranteed bonus of the kind Deutsche Bank has historically been known for offering, though this has not been confirmed.
According to the report, Balchev will presumably work alongside Noel Cochrane, whom Deutsche Bank hired from Barclays last year as head of EMEA rates sales for official institutions. Balchev's remit would cover hedge fund clients.
The report also notes that rates sales professionals are in demand this year, with Punitha Raja at Barclays described as a sought-after hire who is attracting the attention of other banks looking to fill vacancies.
Neither Deutsche Bank nor Bank of America declined to comment on the move, and Balchev did not respond to a request for comment. The reason for his departure at this point in the year is not clear. eFinancialCareers suggests it could be linked to a large guaranteed bonus of the kind Deutsche Bank has historically been known for offering, though this has not been confirmed.
According to the report, Balchev will presumably work alongside Noel Cochrane, whom Deutsche Bank hired from Barclays last year as head of EMEA rates sales for official institutions. Balchev's remit would cover hedge fund clients.
The report also notes that rates sales professionals are in demand this year, with Punitha Raja at Barclays described as a sought-after hire who is attracting the attention of other banks looking to fill vacancies.
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