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A helpful guide to U.S. investment banks in Germany

First mover advantage

First mover advantage

Frankfurt is the leading contender to benefit should banks decide to move jobs out of London after the UK’s Brexit vote. Being the first mover is a big advantage, but supposedly large U.S. investment banks have most work to do. This is what you need to know about their current operations in Germany.

Bank of America Merrill Lynch

Full banking licence in Germany?: No

How many people?: It has more than 100 people in Frankfurt.

How much money did it make?: Again, there’s sparse information on this, but the figures for the fiscal year in 2015 suggest a net profit of €1.5m.

What does it do?: The trading arm was folded in Frankfurt years ago. It has 40 people in Frankfurt related to its global corporate and investment banking business, which includes 7 managing directors. It also has payments, cash management and loans operating in Germany.

People you need to know?: Armin von Falkenhayn is head of corporate and investment banking for Germany, Austria and Switzerland. Before joining the bank in 2015, he spent 25 years at Deutsche Bank – most recently as co-head of corporate and investment banking – and is a key confidant of co-CEO, Josef Ackermann. Christof Bechtel is co-head of investment banking for Germany, Austria and Switzerland.

How much do they pay?: The 23 employees listed on the accounts for BAML’s Frankfurt office received an average of €150k in 2014 (the latest available figures).

Citigroup

Full banking licence in Germany?: Yes

How many people?: 377, of which 263 are in its global markets division.

How much money did it make?: In 2015, it generated profits of €33.2m from revenues of €201m.

What does it do?: Corporate and investment banking, treasury and trading solutions, markets and securities services (which incorporates its trading operations).

People you need to know?: Stefan Wintels was promoted to head Citi’s Germany business in 2013. His background is FIG investment banking. Christian Kames is head of M&A, a role he’s held since 2013. Previously, he was a managing director at Goldman Sachs where he was head of its automotive M&A business. Martin Bastian is head of EMEA chemicals investment banking, based in Frankfurt and Frank Vogel is head of the financial institutions group in Germany. Markus Wallenberg is head of family office coverage, while Lars Oltrogge is head of the global subsidiaries group for Germany and Austria.

How much does it pay?: It paid an average of €232k in 2015.

Goldman Sachs

Full banking licence in Germany?: Yes

How many people?: 200-250

How much money did it make?: It posted profits of €39m in 2014 (the latest figures available).

What does it do?: Goldman offers investment banking, asset management and wealth management for institutional and high net worth clients in Germany.

People you need to know?: Wolfgang Fink is co-head of Germany and Austria and a partner in M&A, while Jörg Kukies is the other co-head with expertise in structured products. Kukies looks after trading and derivatives, while Fink is in charge of advisory. Michael Strafuss is co-head of FICC sales in Germany. Tilo Dresig is head of financial institutions at the bank, while other managing directors in Frankfurt include Matthias Block, Tobias Hellmaier and Oliver Schiller.

How much does it pay?: Average remuneration in 2014 was €348k. However, this is for Goldman Sachs AG – a subsidiary which employs 128 of its 200-250 employees.

J.P. Morgan

Full banking licence in Germany?: Yes

How many people?: Around 400

How much money did it make?: It made a net profit of €2.7m in 2014 (the latest figures available).

What does it do?: J.P. Morgan’s corporate and investment bank is present in Germany, but so too are its treasury and securities services divisions.

People you need to know?: Dirk Albersmeier is co-head of M&A for EMEA at J.P. Morgan, but he’s based out of Germany, where he was previously country head. Dorothee Blessing is head of its investment bank in Germany now, and is part of the German banking ‘dynasty’, which includes her husband, Martin Blessing, CEO for UBS in Switzerland. Martin Thomas heads up treasury in Germany while Oliver Doetl is head of cash equities across Germany, Switzerland and Austria. Cornelius von Loebbecke is head of acquisitions for Germany and CEE.

How much does it pay?: The only available figures are for J.P. Morgan AG, which paid out an average of just €98k. This is probably not reflective of the reality, however, as the big-hitters sit outside this subsidiary.

Morgan Stanley

Full banking licence in Germany?: Yes

How many people?: Around 400

How much money did it make?: Morgan Stanley’s German subsidiary made a net profit of €2.7m in 2014. Again, these are the latest figures available.

What does it do?: Investment banking including all capital markets and trading activities.

People you need to know?: Oliver Behrens leads Morgan Stanley’s German operation, who joined from Dekabank, but was previously head of structured products at Deutsche Bank. Christian Zorn is head of investment banking for Germany and Austria. Harald Gegenwart is a managing director and head of equity trading for Germany, who joined from Deutsche in 2000.

How much does it pay?: Morgan Stanley AG, which doesn’t include all of its German staff, paid an average of €250k.

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