Somewhat surprisingly, Commerzbank issued a press release yesterday announcing the arrival of Bernd Meyer, the former head of Deutsche's London-based European equity strategy business, as a managing director in its 'cross strategy asset research' business.
How can this be? As we have noted previously, Deutsche appears to be quite a good payer, while Commerz has made little secret of its intention to pay very minimal bonuses for 2009. It also cut 40% of its investment banking headcount last year, and fully intends to make further cuts in 2010.
Commerzbank, while praising Meyer's, 'extensive level of experience, vast knowledge and long-standing reputation in consistent analyses,' declined to comment on his motivation for joining them. Despite suggesting in the accompanying press release that Meyer will 'build up' strategic research, the bank also said further hires are unlikely.
Upon further investigation, Meyer's impetus may also not be altogether mysterious. It transpires that he left Deutsche in London last June, and will be joining Commerz in Frankfurt rather than Gresham Street. Although it's not clear whether Meyer left Deutsche voluntarily or not, he may just be another German national looking for a move back home.