If Deutsche Bank is so hot, why are people leaving?

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As we have noted previously, Deutsche Bank is now something of a hot place to be. It hasn't taken money from the government. It has paid six figure cash payouts in the past 12 months. And it's hiring.

This being so, why are so many people leaving? The past week has seen a spate of departures, including banking analyst Mike Mayo, the global head of FX trading (allegedly), and several structured financiers.

Does this mean that Deutsche isn't such a hot ticket after all? Not necessarily. It's notable that all the people who are leaving it are going to boutique firms or alternative asset managers. It isn't DB that's not hot. It's mainstream banking.