Do you want to work for Deutsche Bank’s fixed income currencies and commodities (FICC)? In particular, do you aspire to work for Deutsche Bank’s market-leading asset backed securitization (ABS) business, which settled its alleged violations involving mortgage backed securities in the U.S. last December and is now ready to ride an (alleged) recovery in ABS issuance in the U.S., subject (naturally) to its new and punitive capital constraints.
If the answer is yes, you should get yourself to Barcelona between June 10th and 12th for the resurgent ‘Global ABS Conference’, tickets for which are still available for a mere €3.6k per head.
The Telegraph points out that this is the first time since 2009 that the annual ABS conference, which has been going since 1996, has returned to its traditional Barcelona venue. As chronicled by ex-Goldman ABS banker Tetsuya Ishikawa, in his infamous book ‘How I caused the credit crunch,’ the pre-2008 Barcelona conference was more about entertaining than debating the wisdom of exotic CDOs. “This is not the thinking man’s conference, it’s the drinking man’s conference,” one securitization lawyer in attendance reportedly quipped.
Pre-crisis, Deutsche’s party appears to have been one of the best of the lot. In 2006, the bank engaged pop group Girls Aloud to entertain its guests. Another year, it reportedly engaged the Sugarbabes. Michelin-starred chefs and penthouse events were purportedly the norm. More recently, attendance dwindled as debt repackaging went the way of the dodo.
Deutsche Bank was unable to confirm whether it will reinvigorating its reputation for throwing a good party in Barcelona next month. However, the German bank is one of the partners sponsoring the event, making some form of entertaiment likely. Senior Deutsche staff like Peter Melichar, a senior structurer in the global markets business, and Conor O-Toole, head of European ABS research, are among the attendees and the speaker-list is studded with ex-Deutsche securitization staff who’ve quit the bank for hedge funds.
Assuming that it does go ahead, Deutsche’s 2014 party is likely to be more subdued than in the past. Deutsche staff are under strict orders to behave, at the risk of losing their jobs. The bank’s fixed income staff may also be feeling a little cowed by today’s revelation that revenues revenues across the business in the second quarter are down by another 10-16% on last year.
If you don’t want to attend the toned-down Deutsche Bank party, you could always sample the alternatives. Notably, SocGen is the lead sponsor this year (along with PwC and Clifford Chance). The French bank is building its fixed income sales and trading business and might be expected to try stealing Deutsche’s crown.