Discover your dream Career
For Recruiters

Morning Coffee: The soccer-loving ex-Goldman banker who would be Deutsche CEO. When your voice rules you out of a banking job

What do you know about Marcus Schenck, the co-head of Deutsche’s newly re-integrated investment bank? Probably not a huge amount. But the former CFO is now being groomed to be a potential successor to John Cryan as the bank’s CEO.

OK, so this might be a little too early to call. But Schenk’s elevation to co-head of the investment bank suggests that he – or fellow German Christian Sewing – are the most likely contenders.

The good news for battered investment bankers at Deutsche is that Schenck is a true investment banker at heart. Bloomberg reports that even when he was CFO, the former Goldman Sachs banker insisted on spending at least one day a week with clients – such was his desire to do deals.

Schenck, who is a big Bayern Munich fan, is not only installed to bring a more “German” feel to the bank, but to use his extensive network of CEOs and CFOs to bring in more business for Deutsche’s investment bank as it curtails its list of hedge fund clients. Schenck is affable, ambitious and “enjoys putting his stamp on a business”, suggests Bloomberg.

Sewing, who takes charge of Deutsche’s private and commercial bank, is also in line to replace Cryan should he decide to leave. “We’ll see over the next two to three years who will perform better and thus likely clinch the top job,” said Philipp Haessler, an analyst at Equinet Bank AG in Frankfurt.

Separately, call it a weird British thing, but there’s another study suggesting investment banks are highly unlikely to hire you if you come from a disadvantaged background.

While banks continue to espouse the notion of diversity, having the “wrong” accent and wearing the wrong clothes – yes, the “brown shoes” effect again – is more likely take them out of the running than a lack of relevant experience.

The poll of finance leaders carried out by YouGov on behalf of the Sutton Trust and Deutsche Bank showed that 82% believed that people from poorer backgrounds were held back by their presentation skills.


“You wish there were a couple big machine-learning companies out there. As an investment banker, I’d be all over them now because there’s such high demand for them.” (WSJ)

John Cryan says there’s “gonna be a lot more fun” at Deutsche Bank (Bloomberg View)

J.P. Morgan, Citi and BAML would be the big winners if Trump rolled back regulation (Business Insider)

Steve Ashley is now the sole head of wholesale banking at Nomura (Nasdaq)

FICC trading is going to be up a little bit, says Citi CFO (Bloomberg)

“I encountered a brilliant pink silk jacket worn with tailored grey flannel trousers in a global bank, and a sharply cut trouser suit with a waistcoat, in private equity, and several dresses that had sleeves as well as details of arresting originality, in globally important work settings.” (Financial Times)

Now quants can view finance as just another problem, and never have to abandon their self-conception as a scientist (Bloomberg View)

Warren Buffett gets away with sexist jokes because he’s Warren Buffett (Financial Times)


Photo: Getty Images

AUTHORPaul Clarke

Apply for jobs

Find thousands of jobs in financial services and technology by signing up to eFinancialCareers today.

Boost your career

Find thousands of job opportunities by signing up to eFinancialCareers today.
Latest Jobs
Goodman Masson
VP Financial Controller - Number 1 in US Finance
Goodman Masson
New York, United States
Human Resource Generalist
New York, United States
BNY  Mellon
Compliance Testing Specialist
BNY Mellon
Lake Mary, United States
Clearing Business Analyst
New York, United States