It seems that it’s not easy to fill the role of global head of the institutional client group at Deutsche Bank. Well-informed sources say that Osman Semerci, former global head of fixed income at Merrill Lynch, came close to getting the job, but that he was vetoed at the last moment. Then just two weeks ago, word came from Deutsche that Richard D’Albert was moving from his role as global head of securitisation to replace the well-liked and respected Jim Turley, who is heading off on a sabbatical.
So it was a bit of a surprise to receive a press release this week saying that Rich Herman, previously European head of debt sales, was stepping up into the role. “How does that leave D’Albert?” my esteemed editor asked. My immediate response was: “On thin ice.” The word on the street is that D’Albert turned the job down.
Turning down promotions is normally taken as a lack of ambition, which in the cutthroat world of investment banking is seldom tolerated for long.