A director has left Deutsche Bank for a far more fancy job at Mizuho.
Jon Murray, a former DB director, has joined the Japanese bank’s London office as the co-head of equity capital market syndicate and equity-linked origination for Europe, Middle East and Africa region.
Murray began and spenthis entire career at Deutsche after graduating from the University of Warwick in 2005. His 13 and a half years at Deutsche, were spent on convertibles origination, equity-linked syndicate, equity-linked liability management and convertibles trading.
Murray's departure comes at a time when Deutsche’s shares have fallen to a record low following yet another scandal. Late last week, the police raided bank’s offices in a two-day investigation related to Panama Papers, which suggested that two unnamed Deutsche Bank employees helped clients set up offshore firms to launder money. Earlier in November, Deutsche Bank was drawn into the multi-billion dollar money-laundering scandal surrounding Danske Bank, with claims that more than half the $230 billion in suspect funds handled by the Danish bank was funneled through Deutsche Bank AG’s U.S. unit.
Amid these scandals, insiders say, Tom Patrick, regional CEO for the Americas, and Sylvie Matherat, chief regulatory officer, are being forced to leave the German bank in an attempt to reassure the regulators. Sewing has already replaced two members of the management board, former Chief Operating Officer Kim Hammonds and Nicolas Moreau, the head of asset management.
In the circumstances, Murray may have decided he was better off out. Mizuho has been hiring to bolster its international equities platform, and recruited an MD in biotech equity research last week. It's also been strengthening its investment banking platform on Wall Street.
However, it hasn't all been plain sailing at the Japanese bank in London. Mizuho's has also been losing its senior credit traders. Graham Halliday, a former head of fixed income trading and COO for the front office, left after 21 years in August. Tara Dudar, the former head of EMEA central bank sales, is understood to have gone, along with Grant Wiltshire, the former co-head of credit sales. All three have yet to resurface.
In October 2017, Mizuho was reportedly contemplating shedding up to a third of its global workforce in 10 years as it sought to cut costs and cull expensive older employees.
Have a confidential story, tip, or comment you’d like to share? Contact: email@example.com in the first instance. Whatsapp/Signal/Telegram also available.
Bear with us if you leave a comment at the bottom of this article: all our comments are moderated by human beings. Sometimes these humans might be asleep, or away from their desks, so it may take a while for your comment to appear. Eventually it will – unless it’s offensive or libelous (in which case it won’t.)