Deutsche Bank is rebuilding its energy trading franchise with a series of senior appointments, marking a significant expansion of its commodities capabilities more than a decade after the German lender largely retreated from the sector, according top a report by Bloomberg.
The report cites unnamed people familiar with thbne mater as revealing that the bank has hired former Goldman Sachs traders Madhav Janakiraman and Benoit Bosc, along with at least two experienced commodities sales executives from Morgan Stanley.
The new hires will work under Kow Atta-Mensah, the former Morgan Stanley commodities chief who joined Deutsche Bank earlier this year to lead the expansion of its energy trading operation.
The recruitment drive represents a sharp change in direction for Deutsche Bank, which substantially dismantled its commodities business in 2013. At the time, the bank eliminated hundreds of positions and withdrew from dedicated trading activities covering energy, agriculture, dry bulk and base metals.
The retreat formed part of a wider reduction in banks’ commodities activities as tighter regulation increased the capital required to support trading businesses.
A Deutsche Bank spokesperson said demand from corporate clients for energy-related services had increased significantly in recent years, prompting the bank to expand its capabilities.
The investment is focused on financial energy market making and supporting corporate clients internationally, the spokesperson said, adding that Deutsche Bank does not intend to return to the full range of commodity products.
The latest appointments follow a broader expansion of Deutsche Bank’s commodities capabilities, although its energy and metals operations remain separate.
The bank has strengthened its metals franchise in recent years under Prakash Shah, who joined in 2020. Deutsche Bank returned to the ranks of major global precious-metals dealers after generating more than $100m in revenue from the business during the first half of 2025.
Energy trading sits within Deutsche Bank’s rates division, while metals trading is housed within its foreign exchange business, according to people familiar with the structure.
Deutsche Bank already had a smaller energy trading operation before the latest recruitment drive, primarily focused on market making and facilitating transactions for corporate clients.
That business was previously led by Christopher Kenny, who has left Deutsche Bank and is joining Wells Fargo as a managing director in energy commodities trading, according to people familiar with the matter.
A Wells Fargo spokesperson confirmed Kenny’s appointment.
Deutsche Bank’s renewed focus comes as oil, natural gas and power markets have experienced significant swings, creating opportunities for banks able to provide market making, hedging and structured products to corporate customers.
The expansion also comes at a time when hedge funds and other non-bank firms have been taking a larger role in areas traditionally dominated by investment banks, including market making, physical commodities and structured financing.
For Deutsche Bank, rebuilding the energy franchise provides an opportunity to compete for that business while deepening relationships with corporate clients.
