Everyone knows that Deutsche Bank has been doing a spot of recruitment in M&A: it hired more than a dozen M&A bankers from Merrill in May. Today, however, it became apparent that this was merely the tip of the iceberg.

At today’s investor day presentation for the global banking division, Michael Cohrs displayed the following graphic outlining Deutsche’s profligacy:

As a result of all this hiring (and as the graphic below shows), Deutsche now appears slightly top heavy at MD level compared to its competitors. It could, however, benefit from recruiting lower down the hierarchy.

Equally, Deutsche appears to have cut European M&A staff a little too zealously. In 2010, there’s room for a little additional recruitment in Europe, and a lot of additional recruitment in the US.

Nor is Deutsche’s 2010 hiring likely to be restricted to M&A. In a separate presentation, Anshu Jain outlined plans to expand in electronic trading, flow equity derivatives, commodities and clearing.