How unstable are the M&A bankers at Deutsche Bank?

By the end of this week, Michael Cohrs will no longer be head of global banking at Deutsche. Following speculation about his departure, the Wall Street Journal reported yesterday that Cohrs really is going; Anshu Jain will be in charge of all investment banking as a result.

No sooner had Cohrs exit become known, however, than it emerged that one of Deutsche's senior investment bankers - Jérôme Peltier, co-head of M&A in France - was leaving for UBS.

Coincidence or a precursor to a more widespread disappearance of Deutsche M&A talent?

As Bloomberg pointed out a few weeks ago, Deutsche has hired 151 corporate financiers since 2007. With Cohrs leaving, there are questions over their commitment to stick around.

Headhunters say Deutsche really doesn't have that much to worry about.

"It's not the single most unstable house for M&A," says one senior corporate finance specialist. "That would have to be Citigroup.

"Nor is the happiest place in the world either," she adds. "People were only paid OK last year, and Cohrs was an important and charismatic figurehead whose departure won't go unnoticed."

"I don't think you'll see anyone leave," counters another senior M&A headhunter. "It's a great franchise, and Cohrs was just a part of the machine."

Notably, Peltier wasn't a recent hire, but had been with the bank for 10 years. Cohrs had been there for 15, during which he built Deutsche's leading M&A franchise.