Is Dixit Joshi promoting ex-Barclays colleagues at Deutsche?
Dixit Joshi's departure from Barclays for Deutsche Bank is now five years old. But the movement of Barclays people to Deutsche, and their ascension to senior positions under Joshi is still pretty fresh. Take this week's promotion of Ashley Wilson.
Joshi worked for Barclays Capital between 2003 and 2010, rising to head of equities for EMEA and Asia in the process. He joined Deutsche as head of equities EMEA in 2010 and had prime finance added to his remit last April. Wilson was hired by Barclays to be head of prime services EMEA at Barclays in August 2009. He quit in October 2013, only to turn up at Deutsche in January 2014.
As of this week, Wilson is effectively now head of global prime services at Deutsche, working under Joshi. Meanwhile, Deutsche's former and well-established head of prime services, Daniel Caplan, has left, possibly of his own accord. While Caplan is cast adrift, Wilson has unquestionably found firm land - Deutsche's prime brokerage business is the best in Europe, while Barclays' ranks outside the top five.
Wilson isn't the only ex-Barclays professional to thrive at Deutsche. Joshi hired 700 people into the equities business during his last year alone at Barclays, giving him plenty of former colleagues to choose from. In 2012, Hassan Houari left his role as head of equity derivatives structuring at Barclays to become global head of equity structuring at Deutsche. Glenn Barber spent eight years as a managing director in Barclays' US equities business before joining Deutsche's New York office as head of International Program sales in 2014. Guillaume Gnech, a VP in equity derivatives trading at Deutsche left Barclays after four years in May 2012, and there are plenty more.
It's not just Joshi who has a thing for hiring tried and tested talent. Paul Taubman, ex-head of investment banking at Morgan Stanley has just hired another ex-Morgan Stanley colleague for his boutique, PJT Partners. In banking, it always helps to be nice to your boss - they might well hire you again in future.