Deutsche Bank's London consumer bankers keep leaving for JPMorgan
As we reported last week, there are complaints at Deutsche Bank that the recent rush of senior banker hiring means that junior bankers there are being driven to distraction by managing directors seeking to prove their worth. Some, though, have found a new outlet, in the form of JPMorgan.
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Rumesh Rajendram, Deutsche's former head of EMEA consumer and retail M&A, left to assume a similar role at JPMorgan last year. Since that time, various members of the team have followed him.
The additional consumer and retail departures include two analysts - Yamen Sadek and Giovanni Alessandrello - and Callum Butterfield, a vice president (VP). Sadek moved last month, while Alessandrello moved in January and Butterfield moved with Rajendram last year.
It's not clear whether other members of Deutsche's consumer team are eyeing a similar shift. Deutsche Bank declined to comment on what looks like a trend.
Even after the exits, Deutsche's consumer and retail team still has a very healthy assortment of managing directors, several of whom have appeared over the past two years.
In 2023, the German bank hired Siddharth Malik from Bank of America and Robert Plowman from Citi to work on consumer deals, with Malik made the global co-head of consumer and retail. It already had Gillian Wilson, the head of consumer and retail banking in EMEA, who's been there since 2011, and Robert Ohnsorge, who focuses fashion and luxury consumer technology. And then it promoted, Clemence Kaniak, a director on the team who made MD in March '25.
As a result, Deutsche now has at least five MDs in the consumer and retail business in London alone. Insiders say it's a big increase from not so long ago, when the business had Gil Wilson and Ohnsorge.
If other consumer and retail team members want to leave, JPMorgan might be interested in hearing from them. But then all the MDs left behind might have to start building pitchbooks themselves.
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