Deutsche Bank made an unexpected equities hire from Citi
It's often said that Deutsche Bank no longer has an equities business. This, however, is wrong. Deutsche Bank does have an equities business, but it's tiny and is focused around some equity capital markets (ECM) bankers who generated the merest €21m of revenues in the first quarter and who require support from research and salespeople for their primary offerings.
They will soon be joined in London by some newly enriched people from Numis, but in the meantime there are signs that Deutsche is also doing some external hiring for its rumpish equities team.
The latest example of this is Steffen Schmidtke, a Frankfurt based equities sales guy who's spent his 15-year career at Credit Suisse, Merrill Lynch and Citi and who has decided that this is the moment to join DB in research sales.
Schmidtke's arrival follows that of former Goldman and Unicredit banker Rico Pedrett, who joined as head of equity linked sales for Germany and Italy in January.
Together with the Numis acquisition, the external hires might be taken as signs that Deutsche is feeling more friendly towards equities professionals, even though the German bank has stated explicitly that it has no intention of going back into the equities business.
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