Deutsche Bank disappoints senior M&A bankers. Modest man beats big banks from small shared office

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Lucites flying at Deutsche Bank

Deutsche Bank's senior M&A bankers are gnashing their teeth and hurling their lucite tombstones this morning: they have been overlooked for promotion. Instead of plucking one of its finest M&A bankers and making him (or her) into a head of M&A for EMEA, Deutsche Bank has gone and hired someone from JPMorgan.

Financial News reports that Deutsche has hired in Karl-Georg Altenburg, formerly the senior country officer for Germany, Austria and Switzerland at JPMorgan, to be co-head corporate finance in EMEA  alongside Deutsche's own homegrown Miles Millard. Altenburg isn't even a dyed-in-the wool M&A banker: he spent a long time working in debt capital markets. Nor has he ever shown an interest in large German banks in the past - his entire 20 year career has been spent at JPMorgan.

Grumpy Deutsche Bank dealmakers can always quit the bank and set themselves up in a small rented office somewhere in London's West End. This effectively appears to be the route taken by Paul Taubman, the veteran Morgan Stanley M&A banker who left the U.S. bank after being overlooked for promotion in 2012. 53 year-old Taubman, whom the Financial Times reports now operates from a small office in a New York law firm, has won a role as a lead advisor on Comcast's $45bn takeover of Time Warner Cable. Since spinning out, he's also worked on Verizon's $130bn takeover of its wireless joint venture with Vodafone. If you're that good in M&A, you don't need a Deutsche Bank or Morgan Stanley behind you. Nor do you need the lucite.


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