Following last week's exodus from the Deutsche Bank real estate team and the previous exits from the financial institutions group (FIG) team, Deutsche insiders say there's been another resignation. This time, it's a senior person from the debt capital markets (DCM) team.
Deutsche declined to comment, but insiders say that Conor Hennerbry, head of the German bank's financing solutions group for the UK and Ireland resigned last week. Hennerbry is thought to be joining Santander, although the bank did not immediately confirm this.
Hennerbry's exit is likely to be a blow for Deutsche. He worked for the German bank for 11 years after joining from Morgan Stanley and ran the team responsible for all corporate, government-related and infrastructure bond issues in the UK and Ireland. Conversely, he would be a big catch for Santander, which is now run by ex-UBS investment bank chief Andrea Orcel and may therefore be paying tempting guarantees.
At Deutsche Bank, insiders say senior exits are becoming farcically frequent. Some of those resigning cite concerns about this year's bonuses. Deutsche Bank chief executive Christian Sewing is attempting to keep costs across the bank below €23bn for 2018 and despite his promises that Deutsche will pay generously this year, the numbers don't seem to add up.
Moreover, Deutsche's share price is down 43% since the start of this year - a decline that's on a par with the 45% drop in 2016, when then CEO John Cryan scrapped performance bonuses altogether. "In 2016, we were told that we wouldn't get bonuses because of the share price fall," says one Deutsche director. "People are looking around this year and saying that the share price has fallen by the same amount. So what does this mean for bonuses for 2018?"
Hennerbry isn't the only person leaving Deutsche Bank. Another junior member of the technology media and telecommunications (TMT) team also left. - Ethan Kok, an analyst on that team has gone to Temasek in Singapore.
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