Deutsche Bank's doors are supposedly frozen shut, but senior people are making it through regardless.
The latest managing director to make it into Deutsche Bank since CEO John Cryan announced the bank was freezing recruitment is Jacob Bourne, who joined in October as head of U.S. inflation trading. He joins from Scotiabank, where he was also a managing director and head of U.S. rates derivatives and inflation.
Before joining Scotiabank, Bourne was a portfolio manager with Graham Capital from 2013 to July last year. Previously was head of U.S. fixed income for Capstone Investment Advisors in New York.
Despite the hiring freeze announced in October, Deutsche Bank has been steadily adding front office staff throughout the third quarter. 78 people arrived in Q3, according to its latest report. Some senior bankers snuck in before the hiring freeze hit including Sal Vitale who joined as a managing director in its natural resources investment banking group in New York from Bank of America Merrill Lynch and Tom Waites, who joined as a managing director in electronic trading in September.
However, more recently senior staff have been heading for the door. As we reported exclusively, Tom Leake, the head of equity structuring at Deutsche Bank has resigned and will be joining Goldman Sachs. Meanwhile, Gavin Da Cuhna, co-head of DCM and treasury solutions group for Western European at Deutsche Bank also left in October. Tim King, a managing director and coverage banker focused on the consumer and retail banking market, left for Wells Fargo.
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