Dresdner hiring ECM bankers

Dresdner Kleinwort plans to grow its ECM team by 50%.

Financial News reports that the German bank is hiring 10 people for its equity capital markets (ECM) business following the (possibly forced) exit of Paul van Issum, who headed their ECM unit for the past two years. Van Issum will be replaced by Dresdner insiders Ken Robins and Jonathan Roe.

This isn't the first time Dresdner's shaken out its ECM team - in June 2005 it ejected John St. John, before replacing him with van Issum (Roe stood in in the interim then, too).

Will anyone want to join the team or fill van Issum's shoes given the ignominious end of the two most recent postholders and the fact that Dresdner languishes somewhere outside the top ten for European ECM?

Headhunter opinions are mixed. One downbeat headhunter says: "They'll find it hard to hire - they've struggled to get anyone good for the last two or three years and now they'll be forced to hire people on long guarantees. It will be like HSBC - they'll pocket the money for two or three years and then leave."

An upbeat headhunter (who also happens to be working for Dresdner) says: "Historically, ECM was a good business for Dresdner, and there are some really strong people in that business right now. It's a tremendous opportunity and they are really prepared to step up to the plate and hire the right talent."