Brexit will present German-speaking bankers in London with the opportunity for a big promotion if they're prepared to accept a new role in Frankfurt. One executive director at Nomura in London has got ahead of the pack by taking a big new M&A role in the German city.
Cay-Marco Fritsch, who worked as an executive director at Nomura in London, is now a managing director and the new head of corporate finance and M&A at ING within its wholesale division in Germany and Austria. This is a new team at ING, and Fritsch is currently building a new M&A team of five people in the "medium term", according to a bank spokesperson.
There's evidence that this hiring drive has already started. ING's wholesale division has 300 employees in Frankfurt, but currently has 20 roles available including for analyst, associate and VP roles across corporate and investment banking.
The new role appears to be a big step up for Fritsch, who started out at Lehman Brothers in London on 2007, before its European operations were acquired by Nomura in 2008. He was a VP until September 2014, when he was bumped up to executive director. Fritsch started out in M&A at pharmaceutical firm Celesio in Stuttgart, where he worked for five years until 2005, when he when to Manchester Business School to study an MBA.
"The goal is, among other things, to support the client relationship managers in the strategic dialogue with their existing customers," said an ING spokesperson. ING has been making a big push expanding its commercial banking functions in Germany recently, so it's likely that the new M&A team will look for synergies with its corporate bankers.