EXCLUSIVE: Deutsche Bank loses agency securities lending heads
23 October 2019 New York
Image: Shutterstock
Deutsche Bank has parted ways with three senior figures in its agency securities lending business, amid wide-spread layoffs and a radical restructuring of its distressed investment business model.
Tim Smollen, global head for agency securities lending, and Jay Schreyer, head of agency lending for Europe, the Middle East and Africa (EMEA), and Asia Pacific (APAC), have both left their roles with the bank.
Smollen, who was based in the Deutsche Bank's New York office as global head, and Schreyer, who worked out of London as co-head of agency securities lending for EMEA and APAC, both joined in 2009.
Schreyer went on to become the sole head of agency lending for EMEA and APAC in February 2017.
Additionally, Mark Tisi, a director in the bank’s agency lending business, is also understood to have left the bank.
Based in London, Tisi rejoined the bank in 2009 after leaving in 2002 to become head of client services and global business manager at Dresdner Kleinwort.
As part of its commitment to rebuff market concerns around its ability to turn a profit through its investment arms and bounce back from significant penalties from market regulators, Deutsche Bank is set to shed 18,000 jobs across its businesses over the next few years. Many of these job cuts are expected to be borne by the bank’s German offices.
A steady stream of Deutsche Bank traders and bankers have been moving to other institutions since the German bank's financial concerns first became apparent late last year.
The latest departures come shortly after Deutsche Bank began the transfer of its global prime finance and electronic equities business to BNP Paribas in September, following the signing of a master transaction agreement between the two banks.
As part of the agreement, Deutsche Bank said it will continue to operate the platform until clients can be migrated to BNP Paribas to ensure continuity of service.
Although it will exit the equities sales and trading business, Deutsche Bank aims to maintain a focused equity capital markets operation.
The bank’s reformation plans will see it significantly downsize its investment banking business and cut costs by a quarter by 2022.
The bank declined to comment on the latest departures.
Tim Smollen, global head for agency securities lending, and Jay Schreyer, head of agency lending for Europe, the Middle East and Africa (EMEA), and Asia Pacific (APAC), have both left their roles with the bank.
Smollen, who was based in the Deutsche Bank's New York office as global head, and Schreyer, who worked out of London as co-head of agency securities lending for EMEA and APAC, both joined in 2009.
Schreyer went on to become the sole head of agency lending for EMEA and APAC in February 2017.
Additionally, Mark Tisi, a director in the bank’s agency lending business, is also understood to have left the bank.
Based in London, Tisi rejoined the bank in 2009 after leaving in 2002 to become head of client services and global business manager at Dresdner Kleinwort.
As part of its commitment to rebuff market concerns around its ability to turn a profit through its investment arms and bounce back from significant penalties from market regulators, Deutsche Bank is set to shed 18,000 jobs across its businesses over the next few years. Many of these job cuts are expected to be borne by the bank’s German offices.
A steady stream of Deutsche Bank traders and bankers have been moving to other institutions since the German bank's financial concerns first became apparent late last year.
The latest departures come shortly after Deutsche Bank began the transfer of its global prime finance and electronic equities business to BNP Paribas in September, following the signing of a master transaction agreement between the two banks.
As part of the agreement, Deutsche Bank said it will continue to operate the platform until clients can be migrated to BNP Paribas to ensure continuity of service.
Although it will exit the equities sales and trading business, Deutsche Bank aims to maintain a focused equity capital markets operation.
The bank’s reformation plans will see it significantly downsize its investment banking business and cut costs by a quarter by 2022.
The bank declined to comment on the latest departures.
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