Deutsche names new chiefs in radical world-wide shake up

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A series of internal memos, seen by Financial News details that Deutsche Bank has combined its investment bank's four main businesses - global equities, corporate finance, transaction banking and global markets - into two: global banking and global markets. Jain will oversee markets and Cohrs, banking.

David Fass moves from global co-head of debt capital markets, to become head of global banking for Europe.

Tony Burgess, who was appointed as co-head of European M&A alongside Johnston in March, will become sole European M&A head. Burgess will work with Jim Stynes, who will run Deutsche Bank's North American M&A business.

Hubert Keller will continue to run equity capital markets, while Hope Pascucci, currently head of European debt capital markets, has bagged her third promotion this year, becoming head of global syndicate, European issuer and investor coverage.

One banking source close to Deutsche Bank, said: "There have been too many positions created at Deutsche which involve administration. This shows that Cohrs is adopting a 'player-coach' approach. Burgess is a senior guy who does M&A deals; Fass is doing big debt deals and Keller is doing big equity capital markets deals. Henceforth, senior management will be leading by example, and not administration."

Don Johnston, currently co-head of European mergers and acquisitions, and Jeremy Bailey, head of European corporate finance, have shifted to senior roles within Europe.

Johnston becomes chairman of European M&A, with a focus on clients in Southern Europe. Bailey becomes chairman of European banking, and according to Cohrs' memo, will focus on developing relationships with the bank's most demanding clients.

Worldwide, Deutsche advised on 139 deals worth $138bn (€112bn) in the first three quarters of this year, ranking it tenth according to Dealogic, the data provider. The bank is currently ranked 11th in Europe.

In the US, Deutsche ranked 10th in US league table for the first nine months of this year advising on 76 US deals worth $84bn (€68bn).

As part of the reshuffle, two senior bankers are retiring from the bank: Frank Nash, who has run Deutsche's Asia-Pacific corporate finance business for the last five years, is returning to New York; while Klaus Droste, is stepping down after five years on Deutsche's Global corporate finance executive committee.

According to an internal email from Cohrs, Droste will retire and "travel without destination for a year or two".

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