Deutsche Bank hired BofA’s EMEA head of hedge fund rate sales who did not stay long

Deutsche Bank will soon have a new senior rates salesperson. Plamen Balchev is understood to be joining after a period of gardening leave. 

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Balchev was Bank of America’s head of EMEA rates sales. He only joined the bank in June 2025 after 12 years at JPMorgan and three years at Goldman Sachs.

Balchev didn’t respond to a request to comment for this article. Both Deutsche Bank and BofA declined to comment.

His reason for leaving for Deutsche Bank at this point in the year isn’t clear, but could be related to a large guaranteed bonus of the kind Deutsche Bank has a historic reputation for handing out. 

Deutsche Bank already has a head of EMEA rates sales for ‘official institutions’ in the form of Noel Cochrane, who was hired from Barclays last year. Balchev will presumably work alongside him covering hedge funds.

Rates sales people are popular this year. Punitha Raja at Barclays is flavour of the month and is said to be attracting the attention of other banks with holes to be filled. 

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