People are leaving Goldman Sachs. And when they leave Goldman Sachs, they are (eventually) joining Deutsche Bank. Or at least this applies to two former senior Goldman staff whose new roles at the German bank were announced yesterday.
First came Marcus Schenck, ex-head of investment banking services in London for Goldman's Europe, Middle East and Africa (EMEA) business. Schenk is off to become chief financial officer (CFO) at Deutsche, which has hired him to replace current CFO Stefan Krause. Second came Sam Wisnia, a former head of global macro stats and structure for Goldman Sachs, who quit in 2012 to start a private equity firm until it was announced yesterday that he was chucking it all in to become Deutsche's global head of fixed income structuring, based in London.
What makes Deutsche such a draw? Schenck was seemingly motivated by the urge to go back to being a finance director. He only joined Goldman in summer 2013, before which he spent seven years as CFO at Eon. As EMEA 'head of investment banking services' at Goldman, Schenck is likely to have had some responsibility for the finance function, but only regionally. - The Deutsche role is a big promotion for him, therefore.
Wisnia, meanwhile, has clearly concluded that private equity isn't such a good career after all. And as the Wall Street Journal notes, Deutsche Bank looks like a safe harbour for ex-Goldman fixed income bankers who are looking for somewhere to stay. - 'Deutsche Bank has vowed to remain a big player in debt and currencies trading at a time when many Wall Street firms, from UBS AG to Morgan Stanley , have pulled back,' it notes. Wisnia is joining Deutsche in one month's time, suggesting he didn't have any big ties to his private equity role anyway. Schenck won't be joining until May 2014.
Separately, if you want to work for UBS, you might want to apply to its 'systems' (AKA technology) division, The Swiss bank said yesterday that it plans to increase its systems investment by around 50% next year. Curiously, people are also telling us that it's cut rates for technology contractors by 10%.
UBS's investment bank runs on CHF62bn of risk-weighted assets. Credit Suisse's investment bank runs CHF159bn. (WSJ)
Standard Chartered's shares are at their lowest level for five years. “It may simply be time for Peter Sands to seek employment opportunities elsewhere.” (Bloomberg)
Nomura's rates trading business has finally gone off the boil (just when other banks are reporting a slight revival). And its US revenues are flat, despite plenty of US hiring. (Financial News)
RBC had to withdraw from the Alibaba IPO, and lost $2.5m in fees, after John Taft, head of the US wealth management business, spoke about the deal during a conference call with a think tank. Banks aren't supposed to discuss details of the IPO in the public domain. (Financial News)
To reiterate, macro hedge funds like Moore and Tudor Capital are in serious pain. But are hiring nonetheless. (Financial Times)
Why interns love working for Evercore. (Vault)
You'd need to drink 140 cups of coffee before it kills you. (Wall Street Journal)
In praise of zoning out. (NY Mag)