It has happened: Alasdair Warren, head of the corporate finance business for EMEA at Deutsche Bank, has left Deutsche Bank to, "pursue other opportunities."
Deutsche announced Warren's exit internally this evening. In a memo seen by eFinancialCareers, head of the investment bank Garth Ritchie said Warren will be replaced by Mark Fedorcik, head of Americas corporate finance, who will add EMEA to his remit. At the same time Adam Bagshaw and Nick Jansa will become co-heads of corporate finance for EMEA excluding Germany, and Berthold Fuerst and Patrick Frowein will remain co-heads of corporate finance for Germany, Austria and Switzerland.
Warren's exit comes less than three years after he joined from Goldman Sachs, allegedly on a large two year guaranteed bonus. That guarantee is thought to have expired.
There have been numerous mutterings about Warren's performance at Deutsche Bank: insiders pointed to Deutsche's failure to make much headway in corporate finance league tables under his leadership and complained that he had made numerous expensive hires from rival firms. Earlier this year, Warren is understood to have asked Deutsche's M&A bankers to cut back on excessive travel costs, which infuriated some who both suggested they had been asked to attend additional meetings by Warren and alleged that the highest costs had been run up by his new recruits.
Deutsche is in the process of cutting 7,000 jobs under new CEO Christian Sewing, with most front office cuts due to happen before July. As we noted earlier, Deutsche has already cut its oil and gas corporate finance team and merged various other teams as it refocuses its corporate finance investment on Europe and Germany.
It's not clear what Warren intends to do next, but absent another big banking job he may yet retire to the British coastal town of Bridport, where he owns an art deco cinema which has so far cost him £1.5m in upfront costs and repairs and is now, "cash break even," according to Warren himself.
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