Deutsche reshuffles top US team twice in 18 months

An internal memo seen by Financial News confirmed the reshuffle, which is part of a broader reorganisation at the German banking group aimed at boosting performance.

Stynes, who joined Deutsche in 2003 after 25 years at Morgan Stanley, will co-chair a new M&A operating committee for the Americas, which will oversee Deutshe's M&A efforts across different coverage areas.

Koch, who ran Deutshe's US M&A business for the past five years, has been appointed Chairman of Americas M&A to concentrate on developing client relationships.

Stynes was one of several high-profile hires at Deutshe following a previous re-shuffle in the spring of last year.

In the memo, circulated last night, Tom Gahan, Deutsche's overall head of investment banking in the Americas, said of last year's re-shuffle: "Our efforts have begun to pay off. We have hired in excess of 40 senior bankers and have captured more US investment banking market share in 2004 than in any other period in Deutsche Bank's history"

However, Deutsche still lags European rivals UBS and Credit Suisse First Boston in the US.

Deutsche ranked 10th in US league table for the first nine months of this year advising on 76 US deals worth $84bn (€68bn), according to Dealogic, the investment bank data provider. CSFB ranked 4th and UBS 7th.

Deutsche ranked 11th in Dealogic's revenues table, earning $114m, equal to only 2.7% of total US M&A fees.

The top six US advisory firms, led by Goldman Sachs, each earned more than double that.

Stynes co-led a Deutsche Bank team which advised Coors, the third largest brewer in the US, in its $6bn (€4.9bn) merger with rival Molson, in July. The mandate, one of the largest non-financial US M&A deals this year, was the first time Deutsche worked for Coors.

In February Deutsche poached 10 technology investment bankers from CSFB. The bankers were part of the team put together by disgraced analyst Frank Quattrone, who left Deutsche for CSFB in 1998.