It's been seven months since Deutsche Bank closed its equities sales and trading business, but the German bank retained some senior equity researchers on Wall Street to help it win equity capital markets mandates.
One of those who stayed on seems to have been Bill Schmitz, a veteran Deutsche equity research managing director who covered the personal and household goods sector. Schmitz was at Deutsche until this January, according to his LinkedIn profile. However, he's just joined Jefferies in a similar role.
Schmitz' arrival at Jefferies comes as the U.S. bank has been building its equity research presence globally. Jefferies has hired around 50 equities professionals from CLSA in Asia and has assembled a team of around 80 equity researchers in Europe even as other banks cut in the area. As we reported earlier, Paris equity research jobs have fallen by a third.
Schmitz began his banking career at Paine Webber in 2000. He moved to Deutsche in 2001 and had been there ever since - until January.
Deutsche Bank reported a 33% year-on-year drop in its equity capital markets revenues in 2019 when it reported its results last week. This was considerably worse than UBS, the only other bank to report so far, which reported a decline of 20% in the same period.
Jefferies has made various other hires from Deutsche Bank in the past year. In March 2019 Jefferies CEO Richard Handler jokingly suggested that Jefferies could become the new DB.
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