If you’re a senior investment banker who gets the tap on the shoulder at a struggling firm to tell you that your role is ‘at risk’, how long before you’re actually shown the door? In the case of Gavin Da Cuhna, co-head of DCM and treasury solutions group for Western European at Deutsche Bank, around six months.
Da Cunha left Deutsche Bank at the end of last week, having initially been told in March that his role would likely go as the bank restructures its markets business. Deutsche said at the time that 75 jobs were set to go in its markets business and a number of managing directors were told their roles were at risk.
In an update on LinkedIn, Da Cunha said on Friday: “Following ongoing restructuring at the bank, I have agreed to leave Deutsche Bank and today will be my last day. After an impactful and productive 2 years in the role, I am looking forward to now finding a new and different challenge.”
Da Cuhna’s exit shows that senior bankers are being steadily ushered out of the door at Deutsche, rather than the traditional route of being taken into a meeting room, told the news of your departure and then being escorted down to the exit. Laure Garrido, a managing director in DCM in Paris at Deutsche Bank, was also put at risk in March, but departed the bank in July.
Before joining Deutsche Bank, the last position Da Cuhna held at a large investment bank was at Goldman Sachs. There, he was a managing director in its European corporates and sponsors business within the bank’s FICC business. He spent 11 years at Goldman.
However, he left Goldman Sachs in 2011, and before joining Deutsche in 2014 spent three years as an active investor trading under his own steam in both London and Singapore.
Separately, Deutsche has allowed Sandra Bailey, a managing director and head of cross asset class coverage for institutional and corporate clients for its nearshore UK locations, to take a year’s sabbatical spending time with her family in the U.S.