The former Goldman Sachs partner brought in revive to Deutsche Bank’s investment banking business in London has left in the latest of a series of senior departures at the German lender.
Alasdair Warren, the big name investment banker hired two years ago as head of corporate finance for Europe, the Middle East and Africa, has departed, as Deutsche continues to strip away management layers under a strategy laid out by new CEO Christian Sewing.
Warren is leaving to “pursue other opportunities”, according to a memo sent to staff yesterday, seen by Advisory Excellence. His responsibilities will be taken on by Mark Fedorcik, currently co-president of the investment bank and the former head of corporate finance for the Americas, who will add Emea to his role.
“I am grateful to Alasdair for his contributions to Deutsche Bank over the past two years or so,” Garth Ritchie, head of Deutsche’s corporate and investment bank, wrote in the memo.
Warren, the former co-head of the financial institutions group at Goldman Sachs, was brought in by former CEO John Cryan, who was ousted in April as part of a broad range of changes at the top of the troubled lender.
Warren oversaw some significant recruits in Deutsche’s European investment bank as it struggled to maintain its formerly dominant position in the league tables. Robin Rousseau joined from Goldman Sachs in June 2017 to head M&A in Emea, while Thomas Piquemal was hired from EDF Energy as global head of M&A and country manager for France. He has since left the bank.
Deutsche Bank has also split the co-head of Emea corporate finance role, promoting Adam Bagshaw, global co-head of private equity and Nick Jansa, co-head of global leveraged debt capital markets. They will report into Fedorcik.
Ritchie added in the memo that “further organisation details from the [corporate finance] leadership will follow in due course.”
Sewing said during the bank’s annual general meeting last month that it was seeking to “de-layer” the management team across the corporate and investment bank, and its commercial and private bank. “Smaller committees, less hierarchy and more individual responsibility — that’s our motto,” he said.