Colin Grassie is making a surprise return to Deutsche Bank, less than a month before he was due to join BNP Paribas as global head of bond sales.

Grassie returns to his old employer as co-head of institutional sales for the bank's global markets division. His appointment is the first significant hire by Deutsche since the death before Christmas of Edson Mitchell, board member responsible for sales and trading, and the appointment of Anshu Jain as head of a reformed global markets division.