The Covered Bond Report understands that Stephan Schmitt has left his position at Landesbank Baden-Württemberg and will be joining DZ Bank.

Schmitt worked on fixed income syndicate and medium term notes at LBBW in Stuttgart and is expected to take up a similar role at DZ.

LBBW lost Denis Rath from syndicate over the summer as he left for Commerzbank, while Martin Rohland joined Barclays earlier this year from LBBW syndicate.