Deutsche is moving people from London to Paris too
Deutsche Bank last week said it had moved four bond traders from Frankfurt to Paris, but it seems that German credit traders aren't the bank's only new employees in the French capital.
In an interview published earlier this week, Frank Krings, Deutsche Bank’s CEO for Western Europe, told Börsen-Zeitung that Deutsche has been adding senior staff and equity researchers in Paris too, and that people have been moving from London.
27% of Deutsche's Paris staff are now directors and MDs, said Krings, without specifying the proportion of senior staff DB had in the city previously. He added that equity analysts have also moved from Paris to London in the chemicals sector. Paris-based analysts at DB now cover key German companies like Siemens, Alstom and Knorr-Bremse, plus some defense companies including Airbus and Safran and leisure companies like Sodexo and Accor.
Deutsche had an existing equity research presence in Paris. In 2020, Antoinette Valraud from Generali Investments came in to be Chief Investment Officer for France, and the bank hired André Juillard and Christophe Menard from Kepler Cheuvreux.
Deutsche Bank championed Frankfurt during the early stages of Brexit. Then CEO John Cryan proudly told media in 2018 that “new jobs will be created in cities like Dublin, Amsterdam or Paris… But none of those locations have the structures to really take over a substantial part of the business in London. The only European city that meets these preconditions is Frankfurt.”
Nonetheless, it is Paris that has taken the lion’s share of traders from London, not Frankfurt. However, despite its financial primacy, Paris is a relatively minor province in Deutsche Bank’s empire; of its 80,000 or so global employees, less than 0.25% of headcount was in France last year. There were about as many in Indonesia or Malaysia, according to the company's latest figures.
However, although Deutsche's global headcount fell between 2015 and 2021 from approximately 100,000, headcount in France decreased less significantly – and DB headcount in Britain, despite the assumed pressures of Brexit, actually fell less severely than both the EU and US.
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