People moves: Jentzsch wields the axe
Hundreds pushed out at Dresdner just ahead of bonus round.
Dresdner Kleinwort made several hundred bankers in capital markets redundant in December just a week ahead of an accelerated bonus round. The profile of those that were let go is mostly senior and included most asset classes. Since Stefan Jentzsch became CEO over a year ago, taking over from Andrew Pisker, he has completely transformed the senior management level at the bank. For instance he has replaced the head of capital markets, Steve Bellotti, with former HVB banker Jens-Peter Neumann. In place of the former fixed-income chief, Malcolm Perry, Eddie Listorti is now head of fixed income, currencies and commodities. Other changes include bringing in Bert Piedra from Bank of America as head of global banking.
Those let go in the new wave of sackings include recently promoted individuals such as Henry Nevstad, head of credit flow products, capital markets; Ian Platt, co-head of primary rates; Rick Weinstein, head of structured credit; Paul Thomas, head of northern European credit sales; and Nick Morgan, head of financial institutions.
DK refused to make an official comment but a press officer downplayed the significance of the moves, saying that such actions were part and parcel of the end of year performance review.