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July 2001

Deutsche’s merry-go-round





       
Phil Weingord
The controversy surrounding the resignation of Tamara Adler, Deutsche Bank's well-respected former head of European asset-backed securities, has obscured another bizarre facet of the bank's reorganization following the death in December of global markets head Edson Mitchell.
Just weeks after Mitchell's lieutenant and global head of debt capital markets Grant Kvalheim resigned to join Barclays Capital, Deutsche appointed Jorge Calderon to replace him. It is a strange appointment. Calderon only joined the bank in March last year, as co-head of asset-backed securities in the US with his long-term colleague Phil Weingord. The two had built an exceptionally successful franchise at CSFB, and had replicated it well at Deutsche, taking the bank from nowhere to top five in US ABS underwriting within a year.
Stranger still is that Calderon and Weingord left CSFB because they were unhappy with plans to integrate all fixed-income products under one umbrella, which would have meant a loss of power in an institution built on political intrigue. Having left to retain their independence from the rest of fixed income at one institution, it is ironic to say the least that one of them is now in charge of just that at another.
Adler had refused to report to Calderon and Weingord when, as US co-heads. they appeared to be obvious candidates for the global ABS job. It is thought that she then refused to report to Weingord when he took on sole responsibility for global ABS last month. That prompted Deutsche, which was keen to keep her, to move her to coordinate selling institutional products to retail. Having initially accepted the job, she relented, resigned in Frankfurt in front of the global markets management committee, and took an ABS job at JPMorgan.
Weingord is outspoken about Adler. "You can read between the lines of her departure," he says. "The European ABS group was too inwardly focused. Its biggest client was Deutsche Bank, and then Deutsche turned down the spigot on issuing ABS from its own assets."
One way he hopes to improve Deutsche's performance in Europe is to integrate the European team with other regional departments. "There should have been more US distribution of European deals," he says.
Adler could prove to be just the first casualty of this latest reshuffle. Weingord is already putting his people in place in Europe. But of more concern is how well the debt capital markets team will take to having new recruit Calderon in charge.







The Fitch approach is good. They are now a serious player, and best for covered bonds

So says a German Pfandbrief specialist. Well, as Fitch is maintaining triple-A ratings, while Moody’s makes severe downgrades, he would say that wouldn’t he?

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