Deutsche Bank has just rolled out a global hiring freeze. In theory, only compliance hires and graduate recruits will be admitted until the frost is thawed, but it's also been bringing in some senior bankers in the meantime.
Sal Vitale has just joined Deutsche Bank as a managing director in its natural resources investment banking group. Vitale joined this month from Bank of America Merrill Lynch where he was also a managing director focused on power and utilities. He started his career at Merrill Lynch in 2001, and joined BAML following Bank of America's acquisition of Merrill Lynch after the 2008 financial crisis. Vitale was promoted to managing director in January 2016. He's based in New York.
Nick Riordan also joined Deutsche Bank from BAML, but is based in London and is part of Deutsche's growing technology team. Riordon has joined as managing director and principle managing architect for Deutsche's global transaction bank. He was previously global head of strategy and architecture middle office and operations technology at BAML.
As we've mentioned previously, Deutsche Bank has been making an effort to bring in senior technologists across its corporate and investment bank, predominantly in London. Most recently, Tom Waites, who was also a managing director at BAML, joined in September as an MD in electronic trading.
Not that it's all one-way traffic into Deutsche Bank, of course. Deutsche Bank is reportedly considering scaling back its investment bank in the U.S., but senior bankers are already leaving of their own accord. Chris Weil, who was a managing director focused on packaging, paper, forest products and homebuilding investment banking coverage, has just joined Barclays. He joins as co-head of investment banking coverage for the packaging sector in the U.S. Weil spent more than 11 years at Deutsche Bank, having joined in July 2005.
Other long-serving managing directors at Deutsche Bank in the U.S. have departed for competitors this month. Tim King, a managing director and coverage banker focused on the consumer and retail banking market, joined Wells Fargo in October, while Subhathra Pavan, who was a managing director in fixed income sales, has just taking a similar role at Mizhuo Americas.