One of Deutsche Bank’s most senior equity capital markets (ECM) bankers is joining HSBC.
Edward Sankey, Deutsche’s co-head of European ECM and global head of syndicate left yesterday for the rival bank. Sankey spent nearly 15 years at Deutsche Bank after joining from JPMorgan in 2004.
His apparent decision to leave the German bank comes as Deutsche is reportedly contemplating the closure of its equities business outside Europe, with the decision to be announced in July.
HSBC is making some cuts of its own, and has a particularly inefficient banking division according to research firm Tricumen. However, ex-JPMorgan banker Greg Guyett, who took over from Robin Phillips in February may want to put his own stamp on the business.
Deutsche has replaced Sankey with Josef Ritter, his German-focused co-head of ECM. The likelihood at Deutsche now is that other bankers will follow Sankey’s lead and get out before they’re pushed. Presuming that the German bank does indeed want to exit equities outside of Europe, this could be a good thing for DB. – It will at least save money on redundancy costs.
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