Deutsche Bank's co-head of global credit trading, who is understood to have lost at least $1bn (€736m) last year as a result of extreme volatility in the credit markets, is to leave the bank and start up a credit fund with 15 of his team.

Boaz Weinstein joined the bank eleven years ago and quickly built a stellar reputation for himself at the bank. His proprietary trading team, based in New York, was reputedly one of the most profitable and sophisticated on Wall Street.