Deutsche Bank Shakes Up Capital Markets

Deutsche Bank has appointed Hope Pascucci and Richard Byrne to run a new global capital markets group. They will be responsible for debt and equity syndication and underwriting globally.

Pascucci was previously global head of debt capital markets and corporate coverage, while Byrne was co-head of global equity capital markets.

The move to combine leadership of the two groups follows the departure last December of Hubert Keller, joint co-head of global equity capital markets with Byrne.

The changes were announced in an internal memo yesterday by Michael Cohrs, head of global banking, and Anshu Jain, head of global markets.

According to the memo, the bank will combine the underwriting and syndication of equities, investment-grade and high-yield bonds, and syndicated loans under the same umbrella.

The memo said: "We remain convinced, however, of the benefits of product specialisation in each of the capital markets businesses and therefore we are not planning to merge the businesses together operationally."

Pascucci will be responsible for capital markets activities in Europe and Asia, while Byrne will head the Americas business.

The regional capital market heads will report to either Pascucci or Byrne, as well as retaining their global reporting lines.

The memo said Pascucci and Byrne would announce a "wider management team in the coming weeks" but would retain their existing responsibilities.

Pascucci was made global head of debt capital markets in March last year after Jorge Calderon was appointed to run a new global financial institutions group.

Byrne was made co-head of global equity capital markets in 2004, after adding U.S. equity capital markets responsibilities to his structured and leveraged finance duties in 2003.