Deutsche Bank has been shaking up the upper echelons of its investment bank on Wall Street and senior bankers have departed. However, managing directors are also taking the opportunity to depart for competitors.
Subhathra Pavan, who was a managing director in fixed income sales, has just taking a similar role at Mizhuo Americas. Pavan worked at Deutsche Bank for 15 years and departed in August.
Meanwhile, Tim King, a managing director and coverage banker focused on the consumer and retail banking market, has also left. King joined Wells Fargo as a managing director covering consumer products, based out of Chicago.
King joined Deutsche Bank in September 2014. Before this he spent over 15 years as a managing director at J.P. Morgan – initially in leveraged finance before moving across to a coverage investment banker role focused on consumer, retail and healthcare.
Despite the troubles engulfing Deutsche Bank, it has yet to unveil any significant job cuts within its investment bank. Senior investment bankers have departed in recent months anyway, both in the U.S. and in London. Managing directors were among those leaving.
But its U.S. operation in particular has been subject to change at the top. Most recently, it promoted Mark Fedorcik, head of debt capital markets, to head of its corporate and investment bank, replacing Paul Stefanick, who was bumped up to chairman of the division.
In July, Charlie Dupree was promoted to lead Deutsche’s Americas M&A team. He replaced Jim Ratigan, who left the bank. Around the same time, Tony Whittermore, co-head of Americas M&A, left to join Barclays as executive chairman of its M&A division in the region.
Separately, Rhomaios Ram, who was most recently a managing director at Deutsche Bank and founding partner of its digital bank, has also left. Ram established a news internal ‘challenger bank’ with the idea of being to create a digitally-focused firm with a modern technology infrastructure.
Ram held this role since December, but departs Deutsche Bank after more than 22 years in various roles including head of transaction banking for the UK and Ireland, head of electronic distribution for its markets business and European head of currencies and commodities.