Dresdner Kleinwort has become a victim of its own success in central and eastern Europe, says a source at the bank explaining why the firm has been hit by a series of departures in recent months.
"We’ve been very successful and other people want a piece of the pie," says the source.
In June, the bank lost Petri Kivinen, head of debt capital markets, who spent most of his career at Dresdner as head of debt origination for EEMEA, to Russian firm Renaissance Capital.
His departure follows that of other senior bankers with a background in central and eastern Europe, including, in March, Carlyle Peake, head of credit syndicate, who returned to Merrill Lynch in New York.
Renaissance
The German bank has suffered particularly at the hands of Renaissance over the past year. It has also poached Bob Foresman, head of Russian investment banking; Joel Esciua, a managing director; Federico Sequeira, a director in fixed income sales; and Igor Serov, a debt originator.
Another senior banker, Matthias Warnig, a former president of the Dresdner board in Russia, who has a strong relationship with president Vladimir Putin, left in March 2006 to join Nordstream, the pipeline that Gazprom, E.ON