Some people are leaving Deutsche Bank. And they are discovering curious alternative roles.
In New York, Kanan Kapadia, Deutsche's former managing director of FX institutional sales, quit recently to become an enterprise account manager at Fintech firm Stripe according to her LinkedIn profile. Meanwhile, in London, Stefano Lolli, Deutsche's former head of equity derivative sales for Southern Europe, just relocated to Milan, Italy, where he'll be co-head of equity sales for Mediobanca.
Kapadia spent over 10 years at Deutsche Bank and was made an MD in 2018. Stripe is a payments processing platform that offers APIs to websites and mobile applications and represents an interesting departure from an FX sales career.
Lolli spent 11 years at Deutsche and his entire working life in London before only now returning to his native Italy. It's not clear whether Brexit inspired his move or whether Stefano Dova, the former Deutsche Bank MD who runs Mediobanca's Italian markets business, helped tempt him back. Although Deutsche closed its equities trading business last year, many of the bank's traders stayed on to close the book. Lolli is understood to have left only recently.
While DB salespeople are finding alternatives, the Deutsche has been strengthening its key German M&A business. Tammo Buennemeyer has just joined as a managing director in Frankfurt after over five years with Greenhill.
Profits in Deutsche's investment bank rose by a massive 236% in the first half of this year. However, there was little indication that the bank also plans to increase bonuses.
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