There is life after Deutsche Bank - and you don't have to join Nomura to find it. As ex-Deutsche Bankers find new jobs, one of their brethren is already thriving at Goldman Sachs after joining a few years ago, and another recently joined J.P. Morgan.
David Wilkins has just been promoted to head of fixed income currencies and commodities (FICC) execution services for EMEA at Goldman Sachs according to his LinkedIn profile. Wilkins joined Goldman in 2015 after four years at Deutsche. Initially he worked in eFX sales for EMEA at GS, before being promoted to head of eFX sales a year later and then being promoted again this month. Wilkins, who was a director and head of eFX sales for Asia at Deutsche, was promoted to managing director at Goldman in 2017 (and therefore won't be waiting for Goldman's 2019 MD list to come out today).
Wilkins didn't respond to a request to comment on his promotion. As Goldman moves to its new 'platform' approach to doing business, electronic execution is increasingly important, particularly in the large FICC business. As head of FICC execution services for EMEA, Wilkins would seem to be at the heart of this push.
Elsewhere, another ex-DB banker has landed a job at JPM. Thomas Schweigl joined JPMorgan's equity capital markets team in London as an executive director after nearly 12 years at Deutsche both in New York and in Milan. Schweigl's exit is likely to be a blow to Deutsche, which remains engaged in the equity capital markets business despite have disassembled its equities trading and much of its equities sales capabilities in July.
Steffen Pleser, the ex-Deutsche head of utilities who resigned in August has also started a new job this week. After fifteen and a half years at DB Plesser is now an MD in UBS's power, utilities and infrastructure business.
Headhunters say that a lot of people who left Deutsche have already found new roles elsewhere. As we reported in October, headcount has fallen by nearly 4,000 in the investment bank, corporate bank and capital release units in the past year. However, at the time of its third quarter results Deutsche said only 500 exits were "involuntary" in the third quarter.
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