Deutsche Bank has integrated its financial institutions group in an attempt to win more mergers and acquisitions and capital markets business from banks and other financial institutions.
The development comes after Charles Murphy, the bank's head of European financial institutions, left to join Credit Suisse First Boston last week.
The new global financial institutions group will be headed by Jorge Calderon, previously global head of debt capital markets and corporate coverage in Deutsche's global markets division for three years. Hope Pascucci has assumed Calderon's former role.
The group includes bankers from Deutsche's corporate finance, relationship management, equity capital markets, debt and credit markets and corporate coverage teams, but staff will remain in their original teams for non-FIG business, according to an internal memo sent out last week by Michael Cohrs and Anshu Jain, global co-heads of corporate and investment banking.
Deutsche said its new-look CIB team, which was restructured by the pair in October last year, created the opportunity to set up the new FIG group, which will span M&A, debt and equity issuance, and liability risk management solutions business.
It is not known whether the creation of the new group is linked to the departure of Murphy, who is thought to have tried to take up to 10 other bankers with him when he left. A source close to Deutsche said that Cohrs intervened and succeeded in retaining all but one of the bankers.
A senior banker close to Deutsche said: "I'm not sure about the timing of the reshuffle, but Murphy's departure certainly gave us the opportunity to restructure things. FIG is difficult to get right because it's such a huge area and you need to be an expert."
He added: "There had been a lot of discussions about what to do, and Murphy's departure brought the whole process forward."