Morning Coffee: Why ex-Goldman bankers are joining Deutsche. UBS hiring here
People are leaving Goldman Sachs. And when they leave Goldman Sachs, they are (eventually) joining Deutsche Bank. Or at least this applies to two former senior Goldman staff whose new roles at the German bank were announced yesterday.
First came Marcus Schenck, ex-head of investment banking services in London for Goldman’s Europe, Middle East and Africa (EMEA) business. Schenk is off to become chief financial officer (CFO) at Deutsche, which has hired him to replace current CFO Stefan Krause. Second came Sam Wisnia, a former head of global macro stats and structure for Goldman Sachs, who quit in 2012 to start a private equity firm until it was announced yesterday that he was chucking it all in to become Deutsche’s global head of fixed income structuring, based in London.
What makes Deutsche such a draw? Schenck was seemingly motivated by the urge to go back to being a finance director. He only joined Goldman in summer 2013, before which he spent seven years as CFO at Eon. As EMEA ‘head of investment banking services’ at Goldman, Schenck is likely to have had some responsibility for the finance function, but only regionally. – The Deutsche role is a big promotion for him, therefore.
Krause, meanwhile, has clearly concluded that private equity isn’t such a good career after all. And as the Wall Street Journal notes, Deutsche Bank looks like a safe harbour for ex-Goldman fixed income bankers who are looking for somewhere to stay. – ‘Deutsche Bank has vowed to remain a big player in debt and currencies trading at a time when many Wall Street firms, from UBS AG to Morgan Stanley , have pulled back,’ it notes. Krause is joining Deutsche in one month’s time, suggesting he didn’t have any big ties to his private equity role anyway. Schenck won’t be joining until May 2014.
Separately, if you want to work for UBS, you might want to apply to its ‘systems’ (AKA technology) division, The Swiss bank said yesterday that it plans to increase its systems investment by around 50% next year. Curiously, people are also telling us that it’s cut rates for technology contractors by 10%.
