Deutsche Bank has reorganised its investment bank “after the departure” of Adam Bagshaw to HSBC. There has been a shift to Frankfurt.
The new co-heads of EMEA investment banking coverage are Patrick Frowein (head of IBD for German-speaking countries) and Berthold Fuerst (head of corporate finance for Germany). The difference between these titles is probably not worth worrying about, as four years ago the two men were both appointed as co-heads for Germany. Whether or not either or both of them relocate to London, the message seems pretty clear.
Interestingly, though, there’s no such signal being sent to New York. Before he left for HSBC, Bagshaw’s other job at Deutsche Bank was global co-head of financial sponsors, and given the extent to which Deutsche’s revenues have historically relied on these clients, that was arguably the more important role. This will now be the sole responsibility of Michael Walsh in the USA, adding some more credibility to Christiana Riley’s public statements that the American operations are not being starved.
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