This U.S. bank is building its ECM business in Frankfurt ahead of Brexit

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Jefferies has made a major equity capital markets (ECM) hire as it builds its team in Germany.

The U.S. bank recently recruited Oliver Diehl, a former managing director at Berenberg. Diehl, who spend eight years at Berenberg, is understood to be joining with several colleagues and will be building an ECM team for Jefferies in Continental Europe. Among those joining with him is Michael Brauburger, a former senior vice president at Berenberg.

Jefferies didn't respond to a request to comment on the moves, which mark a raising of the temperature in the Frankfurt job market before Brexit takes place. 

Last year, Berenberg ranked 5th in Germany for ECM deals by value according to Dealogic, up from 7th in 2017 and 8th in 2016. Jefferies ranked outside the top 10.

Jefferies' German ECM recruitmet comes days after Jefferies GmbH received a securities trading license in Frankfurt.

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