Deutsche Bank Hires Goldman's Pizzimbono to Run Research Sales in New York
Deutsche Bank AG hired Marcelo Pizzimbono of Goldman Sachs Group Inc. as a managing director and head of New York research sales as Germany’s largest bank expands its equity analyst coverage of U.S. stocks.
Pizzimbono will be based in New York and report to Brett Burns, head of U.S. cash equity sales, according to Renee Calabro, a spokeswoman for the bank. Pizzimbono spent a decade at Goldman Sachs, where he was most recently a managing director for U.S. equity sales, she said. Prior to that, he worked as an analyst at JPMorgan Chase & Co.
Deutsche Bank’s Anshu Jain, who took over as sole head of the corporate and investment bank in July, plans to spend about 1.6 billion euros ($2 billion) on hiring and technology for the global markets unit in the next two years to gain market share in U.S. cash equities and commodities. The Frankfurt-based firm has expanded analyst coverage to about 850 U.S. stocks from 700 a year ago.
“We’re observing a rebound in hiring in the capital markets industry as well as in the corporate finance industry,” said Andreas Jaeger, client partner at the global executive search firm Korn Ferry International GmbH in Frankfurt. “Business has been strengthening.”
Most Accurate Analyst
Deutsche Bank hired four senior analysts this year to boost its equity research offerings. In March, it got Michael Linenberg, the most accurate analyst on shares of Delta Air Lines Inc. and American Airlines parent AMR Corp., from Bank of America Corp., and Myles Walton, an aerospace and defense analyst at Oppenheimer & Co., to oversee coverage of those industries in the U.S.
Also this year, the bank hired Frederick Searby from asset management firm EverKey Global Partners as Latin America equity strategist and former Bear Stearns Cos. strategist Steve Abrahams as the head of its securitization and mortgage-backed securities research.
Deutsche Bank shares slipped 0.6 percent to 49.01 euros at 5:35 p.m. Frankfurt time. They have lost 0.8 percent this year, compared with a 1.5 percent loss for the Stoxx 600 Banks Index.
To contact the reporters on this story: Jeff Kearns in New York at jkearns3@bloomberg.net; Julie Cruz in Frankfurt at jcruz6@bloomberg.net.
Rate These Stories
Rate this Page