Who you gonna call?
How many Deutsche Bank managing directors does it take to change a lightbulb? If last month's press release announcing the hiring in the US of 10 tech bankers from CSFB is any indication, they'd be queuing up round the block.
In all no fewer than five managing directors and heads of business saw fit to make a comment for the record. Is this just enthusiasm, or a bit of political posturing?
Insiders say that if nothing else, having all the names up there means that any other potential defectors will know who to call. Press releases, you see, usually get posted verbatim on the wire services.
There may still be a few spots going. Some inside CSFB claim Deutsche tried to lure away 30 bankers but was fended off ? a claim Deutsche denies. One of the 10 has already changed his mind and decided to stay at CSFB.
Such raids have been relatively scarce in recent years; the emphasis has been on mass lay-offs rather than mass hirings. Deutsche, though, has been on a couple of sprees in the last few months, and is paying handsomely.
CSFB insiders claim that Deutsche has even added a change of control clause into these new arrivals' contracts, allowing any stock to vest and bonuses to be paid should Deutsche be involved in a merger or takeover.