Two top Deutsche Bank derivatives executives have reportedly headed for the doors. The exits follows turbulence at the Frankfurt-based lender, including the surprise departure of CEO John Cryan.
Sean Flanagan, global head of equity structuring at Deutsche Bank, and Antti Kari, a managing director in equity derivative sales have left the bank, eFinancialCareers reported. The two have been poached by Morgan Stanley, the industry portal reported.
The German bank is slashing thousands of jobs in investment banking under new boss Christian Sewing, who was brought in two months ago to kickstart Deutsche Bank's restructuring efforts. The push has raised questions over Deutsche's plans in Asia, where it is present in all three of its main businesses – investment banking, private banking, and asset management.
Drop vs Equity Boom
Although Flanagan has been with Deutsche since June 2010, he held the position of head of restructuring for less than two years, according to his Linkedin profile. Deutsche Bank's first quarter showed that its equity derivative revenues dropped 21 percent lower on the year, amid a lackluster result in Europe, the Middle East, and Africa.
It is the second subsequent quarter with a drop in equity trading revenues, according to Deutsche's financial statements. The drop runs counter to Coalition's research that show equity derivatives revenues in the industry have grown 56 percent between first quarter 2017 to first quarter 2018.
