Deutsche Bank has poached a senior dealmaker from Credit Suisse to lead its equity capital markets business in Europe, as the German lender continues to build out its investment bank.
Stephane Gruffat has joined the bank as co-head of equity capital markets and head of equity syndicate for Europe, the Middle East and Africa, according to an internal memo seen by Financial News. He joins from Credit Suisse, where he was head of equity syndicate for Emea.
The appointment follows the departure of Ashish Jhajharia, Deutsche Bank’s co-head of equity capital markets for Europe, the Middle East and Africa and head of Emea syndicate, who joined JPMorgan in March, FN revealed.
Deutsche Bank has been building out its advisory business after a revival at its investment bank. On 19 May, it named Daniel Ross as head of investment banking coverage in the UK and Ireland as part of a broader shake-up.
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Gruffat is a 20-year veteran of Credit Suisse, and his departure comes as the Swiss bank deals with a raft of exits from its advisory business in recent weeks. At least 10 senior dealmakers left Credit Suisse for rivals, largely in the US, the Wall Street Journal reported, as the bank is expected to cut bonuses in the wake of a $5.5bn loss from the collapse of family office Archegos Capital.
He will work alongside Saadi Soudavar and Josef Ritter at Deutsche Bank.
In the memo announcing Gruffat’s appointment, Henrik Johnsson, head of capital markets at the bank, said ECM volumes were up by 170% at Deutsche this year. The bank exited equity trading during its strategic overhaul in 2019, which will see 18,000 jobs cut, but has built out its equity research function with around 30 senior hires over the past year.
“ECM continues to be a core product for Deutsche Bank’s capital markets and corporate finance offering, and with the hire of Stephane, we will be in an even better position to capitalise on the increased activity that our clients are undertaking,” Johnsson wrote.
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The German lender has also poached from rivals in the US in recent weeks. Earlier this month, the bank announced the appointment of Richard Robinson as a managing director and vice chairman in global industrials from Morgan Stanley, and Priya Verma from HSBC as Americas’ head of pharma services and diagnostics.
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