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.
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