Deutsche Bank's ex-Citi bankers are proliferating. Its ex-Numis people are wary
Come this October, it will be three years since Deutsche Bank acquired Numis for the sum of £410m ($553m). With that acquisition came 344 of Numis' finest bankers. Since then, however, several of those Numis bankers have disappeared. Several other bankers have joined instead, some with backgrounds at Citi.
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The latest Citi banker to arrive at Deutsche Bank is Paddy Evans, who's joining as co-head of EMEA ECM. Evans spent 20 years at Citi in London, and will arrive at DB in July when his gardening leave is up.
Deutsche Bank declined to comment for this article, but bankers there have been observing that while ex-Citi people have been arriving, ex-Numis people have been disappearing.
The disappearances include Mark Hankinson and Jamie Loughborough, the former co-heads of ECM, who were let go in January. Hankinson and Loughborough were allegedly dispensed with while they midway through pitching for the £5bn RAC IPO, which Deutsche Bank was subsequently selected for anyway. Neither man responded to a request to comment for this article. Hankinson (who spent his career at DB) has since reappeared as head of investor relations at 'software vehicle company.' Loughborough, who came from Numis, is seemingly lying low.
There have been other post-Numis departures. Daniel Ross, the architect of the acquisition left in January 2025. Disappearances have occurred in equities sales trading too, with many individuals still out of the market and struggling to get back in.
Deutsche Bank's new Citi arrivals should feel at home. Alison Harding-Jones, the former head of Citi's EMEA M&A business, is now the co-head of Deutsche's investment bank. Harding Jones joined Deutsche Bank in January 2024 and has hired other ex-Citi bankers, including Anthony Parsons, who arrived last October and Omar Iqtidar, who arrived in February. Parsons joined DB from HSBC, but began his career at Citi in the deep past of the early 2000s.
It's Parsons who appears to be Deutsche-Numis bankers' nemesis. "He's bringing in his own people," complains one DB insider, while complaining that people of Numis heritage are being squeezed.
This may be an exaggeration, but Evans' arrival is likely to add fuel to that particular fire. Despite its newish Numis people, Deutsche Bank has not only hired from Citi. Last year, it recruited Tom Swirling from Barclays as an MD in equity capital markets.
Evan's co-head of EMEA ECM is Saadi Soudevar, who has been with Deutsche Bank since 2000. Soudevar was co-head of EMEA ECM with ex-Credit Suisse banker Stephane Gruffat for a while, but Gruffat moved to New York to run the business globally in 2024.
One DB insider suggested that Deutsche could benefit from letting people settle into their roles. "They have a trading mentality," he says. "Banking requires more patience."
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