For a moment, it looked like Deutsche Bank might be a baddish career bet. Josef Ackermann is retiring next year, and as we pointed out in January, it started looking as if German retail and corporate banking types might get the upper hand in the post-Josef landscape.
Events have proven us wrong. Ever since Ackermann declared his willingness to poach rivals from banks receiving TARP cash in February, Deutsche has attracted a steady flow of talent from rivals.
Most of that talent has flowed in the US, where DB has poached so many people from Merrill that the US bank is seeking $100m in compensation.
However, recruiters say Deutsche is also looking to boost its M&A advisory capacity in the City and is getting numerous takers.
Simon Maughan, head of European banking analysis at MF Global, says this is unsurprising: “They’re one of the only places that’s hiring and not under government ownership.”
As of last week, it also seems that Deutsche’s investment banking heavyweights are being rehabilitated in advance Ackermann’s departure. Anshu Jain and Michael Cohrs have both been promoted to the management board and are suddenly back in running for the CEO position.
The only cloud on the horizon is the vociferousness of German politicians in seeking to curtail bonuses at banks which have received money from the state. Angela Merkel is calling for both a national and international ban. As yet, there is no sign of this becoming reality.