Deutsche Bank has just appointed a new co-head of investment banking. That man is Jeff Urwin, the former global co-head of investment banking at J.P. Morgan. Urwin will be based in New York, while fellow Deutsche co-head, Colin Fan, will be based in London. If you’re at Deutsche, this is what you need to know about your new boss.
1. He used to work for Lehman Brothers
Everyone knows Urwin used to work for Bear Stearns, but who knew he used to work at Lehman Brothers as well? This article says he quit Lehman in 1996. His FINRA report says he spent two years at the house of Fuld. Needless to say, both Lehman and Bear went under in the turmoil of 2008, making Urwin’s early choice of employers look a little unfortunate.
2. He tried to cash-in his five storey NYC townhouse around the time Bear went under
After 12 years at Bear Stearns, Urwin undoubtedly lost money when the bank’s stock crashed from $93 per share to $2 per share. Sometime in 2008, Urwin tried to sell the house, with its media room, two terraces and 35 foot music room for $33m. The house eventually sold in 2012, for $26m.
3. He was sent to Asia by JPMorgan, but mysteriously only spent six months there
In 2012, J.P. Morgan sent Urwin to Asia with much fanfare. He was to become chief executive of the Asia Pac business, based in Hong Kong. Six months or so later, he was back. Why? No one knows, but IFR suggested Urwin had been over-burdened; not only was he head of J.P. Morgan’s APAC business, he was also supposed to be global head of banking coverage, capital markets and M&A.
4. Deutsche Bank chose him over Skip McGee
Bloomberg says Deutsche Bank interviewed Skip McGee, ex-head of Barclays’ US business for the co-head of investment banking role. It chose Urwin.
5. Urwin is British, but he hasn’t worked in London since at least 2001
Urwin does not feature on the FCA Register, which dates back to 2001.
6. His middle name is Herbert