Barclays Poaches Madan from DB

Veteran EM banker Karan Madan has resigned from Deutsche and will join Barclays in August, according to a Barclays internal memo. The move comes as something of a surprise, as Madan had only joined DB, where he was head of global markets for LatAm, in mid-2009. Barclays is creating a new role for Madan – LatAm regional head and head of LatAm fixed income, currencies and commodities (FICC) trading. He will be responsible for the FICC, equities and investment banking businesses in LatAm. In addition, he will be directly responsible for the LatAm FICC trading business. The new role combines many of responsibilities that former head of LatAm investment banking Carlos Mauleon had before he left earlier this year, and also adds new ones. The hire is designed to help the bank further develop its business platform in the region, according to the memo. Madan’s replacement at Deutsche is not yet clear, say sources at the bank, who note the preference is likely for an internal hire and that his duties have for the moment been assigned to subordinates. Madan was at Merrill for 14 years before moving to Deutsche. Barclays makes the hire following the loss of two Brazil-based fixed-income bankers to Bank of America Merrill Lynch. Roge Rosolini, Barclays’s head of fixed income, currencies and commodities in Brazil, is to co-lead fixed income at BAML. Andre Rizzo will also join BAML from Barclays, and head fixed-income and currency sales in Brazil, according to a source at the bank.