How long is too long to be out of the market? In the case of Miles Millard, the former Deutsche Bank co-head of EMEA corporate finance, three years may be the blink of an eye. Despite leaving Deutsche Bank after 29 years in September 2016 Millard has just been appointed head of global capital markets (GCM) at ING.
Millard wasn't entirely disassociated from banking during his time away. In January this year, he joined City headhunter JD Haspel in a business development role. "Financial services recruitment is a very close step from front line investment banking,” said Millard at the time. “As a senior banker a lot of what you are doing is around talent — both recruitment and development — and this role gives me a chance to use my contacts and broader business experience.”
Millard's return to the banking coalface has provoked various witticisms from headhunters, including the observation that Millard should have collected a large fee for placing himself.
In a press release, ING said Millard will join in October and will be responsible for the bank's primary activities, including equity and debt capital markets. Millard didn't respond to a request to comment.
Wry headhunters suggested the discrepancy between banking and headhunting pay might have been too much for Millard. One, however, suggeted that ING is not the best payer in the market and that even the most senior staff there, "rarely earn above £400k."
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