Deutsche Bank has hired a US chief executive, but Europe is the biggest priority

Deutsche Bank may have hired another chief executive in the US market, but the German bank is expected to weight this year’s hires in Europe and the UK.

Reuters reported today that the German bank has appointed Macquarie’s Tej Shah as managing director and head of its West Coast Software team. Shah’s arrival follows that of Sean McCarthy, who also joined Macquarie in January 2021, and Jusung (Juice) Kwok, head of West Coast technology mergers and acquisitions, who joined Citi in May 2020.

Deutsche spent the last year on a hiring spree, adding 50 chief executives and directors across its global origination and consulting businesses. While Shah’s arrival may suggest a similar focus on expansion in 2022, we understand that while DB is still hiring in the US, it’s likely to be much more circumspect this year.

Instead of the US, the focus should now be on highly targeted and selective hiring in London and Europe, with a focus on hiring bankers specializing in healthcare, technology clients , industry and financial sponsors, as well as adding talent in leveraged finance and equity capital markets.

At Investor Day last week, Deutsche Bank said it was aiming for group revenue growth of 4-4.5% in the coming years and that it planned to focus on companies to small capitalization such as mergers and acquisitions and to make “selected senior recruitments in the front office”.

Deutsche Bank’s annual report revealed that it lost 21% of its US office staff last year, 17% of whom resigned voluntarily. The bonus pool for investment banking has remained stable over the past year, while many US banks have significantly increased bonuses.

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Mary I. Bruner