Dresdner Kleinwort Wasserstein (DrKW) has hired a credit derivatives trader from Enron in the latest sign that investment banks are keen to capitalise on newly-available talent in the wake of the energy trader's collapse.

Michael Gordon joins DrKW from Enron Credit in Japan, where he worked for three years as a credit derivatives trader. Enron Credit, launched in February 2000 as a &quotrealtime credit department for corporations&quot, specialised in offering &quotrisk mitigation&quot, or credit risk management instruments allowing counterparties to hedge their credit exposure. Its activities included credit default swaps and digital bankruptcy swaps (protection against bankruptcy of specific counterparties).