It was Deutsche Bank that hired HSBC's big tech banker

As we reported last week, Dan Bailey, the global head of technology, media and telecommunications banker, has walked away from HSBC. He's understood to be walking into Deutsche Bank.

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Deutsche Bank declined to comment on Bailey's apparent new job. Sources at HSBC told us previously that Bailey is a "very credible" telecoms banker. Bailey spent 22 years at HSBC and only a few weeks ago was promoted internally to run a new sector team focused across technology, digital and financial services there. Deutsche Bank was obviously more appealing.

Deutsche Bank already has some senior tech bankers. Its European TMT team is co-run by Martin Blanquart and Matthew Matthew.  Matthew, who is in his mid-30s was promoted as co-head last year. "He's one of the best bankers at Deutsche,"  one of Matthew's fans told us at the time. However, juniors on the team have complained that Matthew is a hard taskmaster who works until 1am and reappears at 6am the next morning. Bailey made need to match this pace. 

Bailey's decision to disavail himself of HSBC follows the bank's decision to pull back from equity capital markets and M&A in the US and Europe. It also follows the exit of other senior bankers like Kamal Jabre, who was head of M&A and has gone to be a vice chairman at JPMorgan.

More exits from HSBC's business are likely. It's understood that the sector teams at the bank are now being managed by Jan Lauberg, a banker who lives in Zug, although his primary place of work is London. Lauberg is thought to be working with David Plowman, HSBC's unfortunate head of capital markets and advisory in the US and Europe, to stabilize teams for at least as long as is required to get existing deals over the line. 

Deutsche Bank has been on a mission to add senior investment bankers for two years now. Last year it hired Peyman Dadgar from Citi to lead TMT coverage in EMEA. Juniors at the bank have complained that the pyramid is skewed towards senior staff and that they have too much work to do.

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