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Deutsche Bank has just made a major new M&A hire from Goldman Sachs

Clouds reflected in modern office buildings, Frankfurt, Germany

For Tomaras, the new role at Deutsche Bank looks like a return to his roots. Before moving to Hong Kong, he was a managing director and head of European sponsors M&A for Goldman Sachs in London. Tomaras has worked at Goldman Sachs for the entirety of his investment banking career. He joined as an analyst in 1998 after graduating from Cambridge University with a Masters in Engineering.

Alasdair Warren, the former Goldman Sachs banker who joined Deutsche Bank to head up its EMEA M&A team in November 2015, may have had some sway over Tomaras’ decision to join the German bank. Since Warren has been at the helm, a number of former Goldman Sachs investment bankers moved across. Charlie Cetin, a former senior managing director at Goldman, joined as co-head of corporate and investment banking coverage strategy and client accountability for EMEA in August. Lower down the ranks, David Ibáñez, a TMT investment banker at Goldman, joined Deutsche as an executive director in December.

Warren has a task on his hands reviving Deutsche’s flagging investment bank in Europe. Deutsche finished in 9th place in the 2016 European M&A deal volume league tables, down from 6th in 2015 (and 1st in 2012).

Warren said in November that Deutsche had been “distracted by a bunch of internal related issues” throughout late 2015 and the early part of last year, and that it had to fight to regain market share from its U.S. competitors. Despite the hiring freeze across the organisation, Deutsche has also previously said that it would selectively hire M&A bankers to increase its sector coverage.

Nonetheless, Deutsche’s investment banking business has undergone some changes. Most significantly, Jeff Urwin, the co-head of its investment bank, is reportedly in talks to leave. But it also promoted a number of senior investment bankers in October, in an effort to both boost its investment banking revenues and stop an exodus of talent following a period of poor performance and cuts to the bonus pool. Deutsche Bank has said that most of its employees will receive no bonus this year.

Contact: pclarke@efinancialcareers.com

Photo: Getty Images

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