Deutsche Bank has named a pair of new co-heads of U.S. leveraged finance after two bankers who previously led the unit have left the bank.
Ian Dorrington and Manfred Affenzeller will take over as the new co-heads of U.S. leveraged finance and report to Sean Murphy, the co-head of global leveraged debt capital markets.
Affenzeller joined the German bank in 2005 while Dorrington joined in 2011. Both have worked on the leveraged debt capital markets team. The two will replace Chris Blum and Scott Sartorius, who served in those positions over the past year.
Three Investment Bankers
Alasdair Warren, who helped run the firm’s investment bank in Europe, as well as Sartorius and Blum, the two heads of the bank’s U.S. leveraged finance, is leaving the company.
Deutsche Bank’s investment banking unit has seen a number of departures as new CEO Christian Sewing scales back certain areas of the business, particularly in the U.S. and Asia, to fight low profitability.
Also, Sewing has vowed to cut the number of senior executives to reduce costs.
The German bank said back in April that revenue from the corporate finance unit dropped 27 percent in the first quarter and would likely fall for the year amid the cuts.
Deutsche Bank announced in May that it plans to cut 10,000 jobs worldwide.
Leveraged Finance Sector
Despite concerns with the broad business, Deutsche Bank has held steady in the leveraged finance sector.
The bank came in eighth place in the leveraged finance league table during the first quarter of 2018, with 68 deals completed and a market share of 5.22 percent, according to LPC data.
Also, it was in the same position for the full year of 2017, when in underwrote 336 deals and had market shares of 5.52 percent.
The bank is currently leading a $1.8 billion deal backing financial information service provider TransUnion’s purchases of U.K. credit reporting agency Callcredit, device-based information provider, and Medicare reimbursement firm Healthcare Payment.
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