Imagine if you'd just left a rival tier one investment bank to join Deutsche. Imagine if the bank you'd left was Citi or Goldman Sachs. And imagine if, in the process of moving to Deutsche you'd had all your deferred stock bonuses from your previous employer converted into Deutsche stock. If you do, you might have a notion how (we suspect) James Boyle and Charlie Cetin feel.
We don't know for sure that Deutsche has converted all Cetin's Goldman stock into its own. Nor do we know for sure that Boyle has had all his Citi stock converted into Deutsche's hot potato. However, Cetin was reportedly hired by Deutsche from Goldman in June to join in August, and Boyle was reportedly hired from Citi in April and is understood to be at his desk already.
Both men are senior hires. Cetin joined Deutsche as co-head of corporate and investment banking coverage strategy and client accountability for EMEA, reporting to Alasdair Warren who himself joined from Goldman in 2015. Boyle joined as global co-head of equity derivatives, based in Hong Kong.
Cetin and Boyle will both have had an opportunity to amass large stock deferrals at their previous employers. Boyle spent four years as global head of equity derivatives at Citi. Cetin was a senior managing director at Goldman and the bank's chief country officer in Turkey after joining Goldman in 2008.
Assuming Cetin joined Deutsche on 1 August, Deutsche's stock has declined by around 8% since his arrival; Goldman's, on the other hand, has risen by 3%. Meanwhile, if Boyle joined Deutsche in July after a three-month notice period, his Deutsche stock has declined by 10% since his arrival, whereas Citi's has risen by 11%.
As we noted earlier this week, Deutsche isn't exactly hiring right now anyway. If it did want to hire, however, Boyle and Cetin's likely experiences aren't likely to inspire potential recruits with enthusiasm. Unless, of course, Deutsche CEO John Cryan manages to engineer a share price rebound (as may happen if the DOJ fine is reduced) from this week's 30-year low, in which case there's a slight possibility that joining Deutsche right now could one day be very lucrative indeed.