Deutsche Bank Reshuffles U.S. Investment-Banking Leaders
September 22 2016 - 9:50PM
Dow Jones News
Deutsche Bank has reshuffled leadership of its investment bank,
its second shake-up in a year, focusing on its strengths amid a
cloud of uncertainty over its overall business and balance
sheet.
Mark Fedorcik, who runs debt-capital markets, becomes head of
the U.S. corporate and investment bank, according to an internal
memo. He replaces Paul Stefanick, who is elevated to global
chairman of that business.
Mr. Stefanick, a veteran merger banker, joined Deutsche Bank in
2009 from Merrill Lynch and had been tapped to raise its M&A
profile in the U.S. He will now focus on solidifying Deutsche's
relationship with top clients, according to the memo.
Mr. Fedorcik has overseen Deutsche's debt capital markets
business since last November, when Deutsche Bank last shook up its
investment-banking leadership. He formerly ran leveraged finance,
helping companies with low credit ratings raise debt.
That's a strength for Deutsche, which ranks third this year in
high-yield bonds, and is traditionally top-three in risky bank debt
known as leveraged loans. It recently led a junior bank loan for
William Morris Endeavor's $4.4 billion takeover of mixed-martial
arts production company Ultimate Fighting Championship, and is
helping finance takeovers of premium movie channel Starz and
Rackspace Hosting Inc.
Elevating Mr. Fedorcik, who started at Bankers Trust and joined
Deutsche Bank in the 1999 merger of the two, puts a spotlight on
one of the bank's best businesses as it copes with a falling stock
price, down 45% this year, and a long list of regulatory
troubles.
A handful of senior bankers have departed. The co-heads of
M&A in the Americas left earlier this summer, Anthony
Whittemore for Barclays and Jim Ratigan for healthcare boutique
Leerink Partners. Jacques Brand, chief executive of Deutsche's
North American operations, departed in May for boutique merger shop
PJT Partners Inc.
In the past year, Deutsche Bank has tried to build a cleaner
investment bank, unveiling a series of moves meant to simplify
reporting lines and better integrate its U.S. and European
operations.
Write to Liz Hoffman at liz.hoffman@wsj.com
(END) Dow Jones Newswires
September 22, 2016 22:35 ET (02:35 GMT)
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