The exits keep coming at Deutsche Bank, and they're not all involuntary.
With Deutsche said to be delaying its fixed income redundancies until the end of the month, insiders and headhunters say some fixed income staff at the bank are quitting of their own accord. The latest such exit is Fredrik Gentzel, COO of the bank's global markets debt business.
Deutsche declined to comment on Gentzel's exit. Headhunters said he's off to become COO of Capula Investment Management, although Capula didn't return a call requesting confirmation of this.
A director of the Futures Industry Association between 2011 and 2013, Gentzel was formerly head of global head of listed derivatives and of credit portfolio management and prime brokerage for Deutsche. The Financial Conduct Authority register shows that he'd worked for the German bank in London for over 15 years.
People are leaving Deutsche Bank after it revealed that it would pay zero cash bonuses this year and only allocate a payment reflecting the performance of the bank as a whole. Key personnel are being offered "retention" bonuses but these are heavily deferred and predicated on a big increase in the bank's share price between now and 2021.