Goldman Sachs loses top Frankfurt MD to JPMorgan
If you’ve ever been worried and thought that your ability to retain top bankers in Frankfurt was below par, then spare a thought for Goldman Sachs - they’ve lost an MD to JPMorgan.
The MD in question is Philipp de la Chevallerie. De la Chevallerie, who spent over 15 years with Goldman, was head of the bank’s European head of chemicals and natural resources coverage, and has been in Frankfurt since 2015. He was also part of Goldman’s 2020 class of MDs. He remains in Frankfurt for JPMorgan.
Goldman Sachs and JPMorgan rank 1st and 4th respectively for overall investment banking fees in Germany, as per the table from Dealogic below. Goldman Sachs has a significantly stronger M&A presence in Germany than JPMorgan, with $105m in revenue in the first nine months of 2023 compared to $57m for JPMorgan. This is in contrast to the $60m and $65m each bank had in the first nine months of 2022, respectively.
Goldman Sachs bankers in Germany have made a habit of leaving for JPMorgan in recent years. JPM’s leadership team in the city (and region) is full of them, from Patrik Czornik who joined back in 2019 to head up German M&A, to Thorsten Zahn who joined in 2021 to head up ECM in the country.
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