Jason Gurandiano, head of financial technology banking at Deutsche Bank in the U.S. has suddenly left the German bank. PE Hub reports that Gurandiano, who’d worked for Deutsche for more than 10 years, left in July despite being in the middle of private equity company J.C. Flowers’ sale of Ascensus, a retirement plan provider. The sale has been underway since June, with Deutsche as the only advisor. The bank had been seeking bids of $1bn.
PE Hub reports that Gurandiano left Deutsche, ‘very abruptly’ and that his exit was the result of ‘internal politics’. It’s not expected to delay the sale of Ascensus, however, which will now be dealt with by other members of his team. Maybe senior investment bankers are dispensable after all.
Separately, an ex-HSBC banker is helping to reinforce the bank’s reputation for being (comparatively) ungenerous. Bloomberg reports that Habib Kaya Biber, the former co-head of the bank’s industrials unit, was paid £275k in salary and £186k in bonus for 2012 despite generating $10m in fees for the bank. Biber is claiming that peers at rival banks earned $2.5m (£1.6m) for generating similar revenues. He is suing HSBC for racial discrimination after allegedly being disparaged for being a Muslim. HSBC claims Biber was simply a poor performer.
Deutsche prime brokerage executives Daniel Caplan and Simon Kempton have gone off to join ex-Deutsche colleague Murray Roos at Citi. (Financial Times)
Barclays’ legal M&A chief, Khasruz Zaman, is joining Simmons & Simmons. (Legal Business)
Benjamin Hammond, a credit derivatives structurer at BNP Paribas, has left the bank. (Bloomberg)
Hedge fund and private equity group Fortress is the new king of subprime lending. (WSJ)
BlueCrest Capital Management is being sued by a group of investment firms over claims an employee at the hedge fund conspired with banks to rig the Swiss franc Libor rate. (Bloomberg)
UBS Group hired Goldman Sachs’ Max Justicz as a managing director for the Americas Financial Sponsors group. (Bloomberg)
A bank has picked a new CEO from its investment banking ranks. That bank is Nordea. (Bloomberg)
Google now belongs to Ruth Porat. (Dealbreaker)
The rise of Jeremy Corbyn is the latest result of the bank bailouts. (Capx)