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A couple of MDs left Deutsche Bank in NY after bonuses

Deutsche Bank has lost at least two managing directors in New York.

Anguel Zaprianov, DB’s head of DCM origination for North American financial institutions, left for insurance company Enstar group, which he joins as an (executive) VP. He was a Deutsche Bank veteran, having joined in 2000 from boutique business consultancy Stern Stewart. Andy Flynn, another Deutsche Bank MD, left for Japanese bank Mizuho. He joined Deutsche from Goldman in 2016.

The H1b visa database suggests that a Deutsche Bank MD has a wide range of potential salaries, but the most recent entry was for a $500k base salary in 2022 – on par with the industry. But despite recent headlines suggesting the bank is in trouble, it still had a great bottom line for 2022.

So why is Deutsche Bank bleeding MDs? The answer might be found in its slightly stagnant bonus pool, or its 100% deferred bonuses above $532k for directors and MDs in a number of divisions (including the investment bank) - although the latter suggests that Zaprianov and Flynn have been bought out. 

Zaprianov’s move into insurance is unsurprising. – Deutsche Bank’s DCM revenues were down 74% in 2022 compared to 2021. The fact that it’s cutting staff (in a performant division) in the US probably doesn’t help, either.

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AUTHORZeno Toulon

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