Who said employees of French banks spend the entirety of August lying about on the Côte d'Azur? Some will be working, although admittedly they may be doing so in London rather than in Paris.
One of those working at a French bank this August will be Mark Woolley, a former MD in insurance debt capital markets and corporate finance at Deutsche Bank. Woolley left DB after fourteen years in April and has spent the best (and sunniest) part of the summer sitting out of the market. Now he's joining Natixis in London.
Woolley will be working in the group run by Pierre-Henri Denain, Natixis' Paris-based global head of financial institutions group coverage. Denain himself assumed the new FIG role in July after stepping aside as the EMEA head of the corporate and investment bank. Woolley's arrival follows Natixis' recruitment of Christopher Dorsett, a former director in Deutsche's New York leveraged finance division, in May.
Global Capital suggested that Woolley was put at risk at Deutsche as the German bank cut costs earlier this year. However, the German bank also experienced plenty of voluntary departures earlier this year, particularly from its sales and trading business, after paying no performance related bonuses for 2016. Several ex-DB traders have since turned up on the buy-side.