What if junior bankers were to start leaving the more disaffected parts of Deutsche Bank's European investment banking franchise? Could the bank crumble from the top down and the bottom up? All that would remain be a layer of overworked VPs and directors, desperately trying to meet clients and build pitch books. A version of middle management hell.
Some people in Deutsche Bank seem fearful that this is what's coming. Their fears have been awakened by another resignation from the Financial Institutions Group (FIG) team which lost all those managing directors (MDs) to rival banks earlier this month. The latest resignation is that of an associate, Pete Mackie. Mackie only joined the FIG team in 2017 after completing an MBA at the London Business School. Now he's off to work for a different bank (we don't know which one).
Normally, the resignation of an associate wouldn't be a big deal, but after at least five other FIG bankers at MD level quit Deutsche in recent months (Claire Brooskby, Christos Tomaras, Kris Triggle, Rainer Polster and the team leader Tadhg Flood), the DB FIG team is feeling a bit fragile.
"We can’t seem to stop people leaving and peers are starting to pick off all our best talent," says one Deutsche banker. "Adam and Nick need to do something drastic soon - nothing they’ve tried has stopped this outflow yet. It’s very worrying going into year end - we don’t know which juniors we’ll be left with in March," he adds, referring to EMEA heads of finance Adam Bagshaw and Nick Jansa. It doesn't help that DB also recently lost Ethan Kok and Nicholas de Vibe, an analyst and associate respectively from its London tech banking team, and Hemant Kapoor an associate on its healthcare team (who went to J.P. Morgan).
Deutsche Bank declined to comment. The German bank is one of the least generous payers at analyst and associate level according to a recent London pay survey. In an attempt to save costs Deutsche recently implemented a ban on juniors traveling to meet clients when managing directors are in attendance too. - This is despite other banks doing their best (or saying they're doing their best) to get juniors out of the office more.
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