(Bloomberg) -- Deutsche Bank AG said its head of mergers and acquisitions, Celeste Guth, is leaving just over a month after her promotion to the role.
Guth's responsibility will be assumed by other executives, a spokesman said Wednesday. She's joining Paul Taubman's PJT Partners Inc. as a partner, according to a person familiar with the matter. The former Goldman Sachs Group Inc. partner is one of the highest ranking women in investment banking.
Guth is the second global head of M&A to leave the bank recently, with her predecessor Thomas Piquemal departing in May last year in the first major executive shakeup under Chief Executive Officer Christian Sewing. Deutsche Bank ranks 15th place in advising on deals so far this year, according to date compiled by Bloomberg, down from 11th over the same period last year. Efinancialcareers reported Guth's departure earlier Wednesday.
Prior to Guth's departure, the bank had just made key appointments to round out the leadership of the new investment banking division, which Sewing created in July as part of its broader restructuring. Patrick Frowein was named investment banking head of Germany, Austria and Switzerland while Berthold Fuerst will be in charge of investment banking coverage and advisory for the region, according to a memo seen by Bloomberg Wednesday. They previously served as regional co-heads for corporate finance.
Sewing exited equities trading, moving assets to a separate unit to sell or wind them down. He placed fixed income trading and M&A advisory under the leadership of Mark Fedorcik. A restructuring of the business that trades interest rate derivatives is still outstanding, a person familiar with the matter has said.
The global leadership teams of the investment banking and corporate banking divisions were unveiled in late July, but the roles in Germany took longer to fill. The corporate bank under Stefan Hoops named Stefan Bender as regional head in early September.
Further appointments were announced in two memos seen by Bloomberg Wednesday:
- Karl-Heinz Herweck becomes head of capital markets in Germany, Austria and Switzerland
- David Feldmann becomes head of markets in Germany, Austria and Switzerland in addition to his hole as regional head of the Institutional Client Group.
To contact the reporters on this story: Steven Arons in Frankfurt at sarons@bloomberg.net;Sonali Basak in New York at sbasak7@bloomberg.net
To contact the editors responsible for this story: Dale Crofts at dcrofts@bloomberg.net, Ross Larsen, Christian Baumgaertel
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