Commerzbank Securities, the German bank's investment banking division, has hired Philip Crate, the former head of European and Asian credit research at Bear Stearns, to run its global credit research following the departure of David Manoux.

Manoux left Commerzbank in June for personal reasons after two and half years in the role. Crate left Bear Stearns after Christmas after the bank initiated a costcutting drive and slashed its 10-strong European credit research team by half.