Someone else has escaped from Deutsche Bank. Sebastian Raedler, the German bank's head of European equity strategy is no longer there. He is at Bank of America.
Raedler's LinkedIn profile says he joined Bank of America in the past two days. He is now BofA's head of European equity strategy instead.
It seems unlikely that Raedler managed to find a new job in a single weekend following Friday's revelation that Deutsche is contemplating making 50% of its investment bank employees redundant and dismembering its equities business in particular. The implication, then, is that as a strategist Raedler saw the writing on the wall and made provisions for himself several months ago.
Headhunters say top strategists are in demand following MiFID II, which has increased the need for highly differentiated strategy reports that clients value and will pay for.
Raedler spent nearly four years at Deutsche Bank after joining from Morgan Stanley in 2015. The bulk of his career was spent at Credit Suisse, where he worked for seven years from July 2007.
Raedler's Deutsche Bank colleagues are likely to look with envy at his new role. One equities professional told us that managers are encouraging them to prepare their CVs. Bloomberg reported that New York staff are either drinking their sorrows away in nearby bars or openly looking for new jobs at their desks.
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