The material on this site is for financial institutions, professional investors and their professional advisers. It is for information only. Please read our Terms & Conditions, Privacy Policy and Cookiesbefore using this site. Please see our Subscription Terms and Conditions.


All material subject to strictly enforced copyright laws. © 2022 Euromoney, a part of the Euromoney Institutional Investor PLC.
BANKING

Deutsche dumps its investment bankers

A year ago Deutsche Morgan Grenfell was set to challenge the US global investment banks. Then Frankfurt jammed on the brakes. A bank-wide restructuring has left DMG - now just the global corporate and institutions (GCI) department of Deutsche Bank - a pale shadow of its former self. Did the Deutsche Bank board lose its nerve or does it truly believe it can have an investment-banking culture without the investment bankers who inspired it?

DB dump 1a 780px

Earlier this year, when Deutsche Bank first outlined its plans to integrate its investment banking unit, DMG, more closely into the bank, Frank Quattrone, high-profile head of DMG technology asked the Deutsche Bank Vorstand members responsible for DMG to sign a letter reaffirming the bank's commitment to the investment-banking business, for Quattrone to show to his clients. They were surprised by the request but complied when Quattrone assured them that it was not so unusual in the investment-banking world.

But it proved to be an empty gesture. This July, Quattrone and his key lieutenants quit, taking their business to CSFB. "Quattrone was the US business," wails one Deutsche investment banker. In fact, his is only the latest high-profile departure from the old DMG. The co-heads of DMG's investment-banking division, Carter McClelland and Maurice Thompson resigned earlier this year to be followed by a string of the firm's better known bankers.

Quattrone's leaving was the natural response of a seasoned investment banker to the bank's reorganization, particularly the departure of McClelland who had originally hired him in 1996 with the idea of making the technology group a first step in building top-quality investment-banking teams in key industry sectors.


You have reached premium content. Please log in to continue reading.

Read beyond the headlines with Euromoney

For over 50 years, our readers have looked to Euromoney to stay informed about the issues that matter in the international banking and financial markets. Find out more about our different levels of access below.

SUBSCRIBE ONLINE TODAY

Unlimited access to Euromoney.com and Asiamoney.com

Expert comment, long reads and in-depth analysis interviews with senior finance professionals

Access the results of our market-leading annual surveys across core financial services

Access the results of our annual awards, including the world-renowned Awards for Excellence

Your print copy of Euromoney magazine delivered monthly

£73.75 per month

Billed Annually

FREE 7 DAY TRIAL

Unlimited access to Euromoney.com and Asiamoney.com, including our top stories, long reads, expert analysis, and the results of our annual surveys and awards

Sign up to any of our newsletters, curated by our editors

LOGIN NOW

Already a user?

We use cookies to provide a personalized site experience.
By continuing to use & browse the site you agree to our Privacy Policy.
I agree