Deutsche Bank’s front office redundancies are – theoretically – over. This isn’t preventing the German bank from losing staff who choose to go of their own accords, while those who were ejected involuntarily are turning up at rival banks.
Deutsche Bank insiders say at least two fixed income salespeople have left for rival banks in recent weeks. They are Ishaan Sethi, a vice president on the hedge fund rates sales desk, and Jack Cunningham, an associate in G10 rates sales.
Unconfirmed reports suggest that Sethi, who worked for Deutsche Bank for over eight years, is joining Goldman Sachs. Cunningham, who joined Deutsche in 2015 after an internship, is going to Barclays.
DB insiders say there’s been an increase in staff quitting voluntarily for rival banks. This includes exits previously reported here, like Dennis Cheng and Christopher Gau, who’ve both gone to Goldman Sachs.
While other banks are poaching the staff Deutsche wants to keep, they're also hiring the staff Deutsche let go. Barclays announced today that it's hired Darren Campili, Deutsche's former global head of healthcare, who left the bank in June. Mark Sooby, a former MD at Deutsche's now-closed Houston office recently turned up at Lazard's Houston business.
Headhunters say Deutsche Bank has been offering generous buy-backs to staff who try to leave. The bank didn't respond to a request to comment on the departures of Sethi and Cunningham. The departures follow a programme of layoffs at Deutsche Bank which resulted in 1,700 jobs being eliminated in the second quarter of this year following the arrival of new CEO Christian Sewing. Most of those let go have yet to find new jobs: people like Sumit Chaudhary, Deutsche's former co-head of CEEMEA structured credit are still out of the market.
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