Deutsche Bank is not yet rolling out large job cuts in its investment bank, but both junior and senior staff are leaving anyway. Understandably, Alasdair Warren, head of corporate and investment banking for Europe, Middle East and Africa (EMEA), is keen to stem any exodus.
Warren has come out in the sort of ebullient mood typical of senior investment bankers reliant on positive sentiment for deal-flow. Deutsche Bank will win back market share, it will reward investment bankers who stick around and it will, he insists, hire where it has gaps. Warren's division is, of course, reliant on the long-term relationships of its senior bankers for winning business - rather than young, hot shot traders - so will want to convince its staff that they're not aboard a sinking ship.
Deutsche will be hiring. Warren said that it would be adding to its sector coverage teams. "Most of what we are doing will be driven by our existing people, but we will make a few external hires to add to our coverage in certain sectors," he said.
Sticking around will be rewarded, he insists. Yes, Deutsche is constrained by what it can pay its rainmakers these days, but those who stay at the bank will be rewarded by "career opportunities". "We have a 'people agenda' and it's all about offering people the opportunity to grow and develop as professionals," he says.
Deutsche has also rung a series of senior changes in its EMEA business, following a similar move in the U.S. Charles Wilkinson will become chairman of UK corporate broking, and Matt Hall will take over as co-head of the division alongside Andrew Tusa. Then there are the 'efficiencies'. Deutsche is merging its maritime industries business in corporate finance into its industrials arm - Craig Fuehrer will lead the business. Evans Haji-Touma and Ashok Pandit have been appointed as global co-heads of sovereign wealth funds, pension funds and family office.
Separately, financial services firms thinking of shifting jobs out of London if the UK government utterly fudges Brexit have neglected one thing - bankers love it there. If banks and fund managers do decide to move jobs out of the City towards Frankfurt, Paris, Dublin or elsewhere, they face a struggle persuading London-based employees to move. This might not be such an issue, since the likely course of action is making redundancies in London and then creating jobs elsewhere. However, employment lawyers are readying unfair dismissal cases against their employers should they be faced with a choice of relocation or redundancy.
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