Put away the hankies and divest yourself of the black armband: contrary to a report yesterday on Bloomberg, Commerzbank is apparently not completely killing off Dresdner Kleinwort’s M&A business. Neither, therefore, is everyone who works for it being made imminently redundant.
One Dresdner K insider says the Bloomberg story was simply wrong.
According to the source, Dresdner K-turned Commerzbank will have a ‘significant UK M&A’ footprint with Berent Wallendahl acting as head of coverage in Europe.
This may, however, be wishful thinking: further enquiries suggest Commerz will be keeping a UK M&A presence, but it will be very (very) much smaller than it is at the moment.
Dresdner ranked 13th for UK M&A deals in the first nine months of this year, according to Thomson Financial, up from 23rd for the same period last year.
However, the size of the pie is declining: UK M&A fell around 50% over the same period.
Headhunters say senior investment bankers at Dresdner are on guaranteed bonuses for this year, which are in line with payouts in 2007. They also point out that a lot of the best Kleinwort Benson people (Tim Shacklock, Julian Metherell, Simon Robertson) left long ago.
Commerzbank declined to comment.