A former director at Deutsche Bank who left the firm in 2014 to join Goldman Sachs is back at the German bank, this time as a managing director.
Asif Karmally, an executive director at Goldman Sachs who worked in structured finance sales in the fixed income, currencies, and commodities (FICC) division for last four years, joined Deutsche in Dubai as an MD last month.
Apart from his four years at GS, Karmally has spent his entire career at Deutsche, which he joined in 2004 after taking an MBA at the NYU Stern School of Business. In previous 10 year sojourn with the bank, he worked with Middle East financial institutions on asset liability management solutions, including funding, investments, and overall capital markets strategy, rising to become a director.
In his new role as a DB MD, Karmally will work in the financial solutions group in the Middle East.
Karmally isn't the first ex-Goldman employee to switch to Deutsche. As we reported yesterday, the German bank has been poaching key members of Goldman's macro team. He does, however, stand out for having used his four year interlude at GS as a stepping stone to an MD promotion at DB. As we've noted before, Goldman is busy hiring-in multiple executive directors externally. Karmally's strategy suggests some of those hires could stay at GS for a few years before quitting for promotions at the banks they came from.
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