Deutsche Bank Americas Chief Brand Said to Jump to PJT Partnersby
German bank says it will name a replacement `in due course'
Cost-cutting is part of overhaul at Frankfurt-based lender
Jacques Brand, the veteran Deutsche Bank AG dealmaker who oversees its business in the Americas, is leaving to join merger-advisory firm PJT Partners Inc., according to a person briefed on the move.
Brand informed Deutsche Bank he’s stepping down as the region’s chief executive officer to pursue another opportunity, co-CEOs John Cryan and Juergen Fitschen said Monday in a statement, without indicating where he’s going. The Frankfurt-based bank will name a successor “in due course,” they said.
PJT, started by former Morgan Stanley banker Paul Taubman, is gaining a veteran of corporate transactions and real estate deals as Deutsche Bank slashes costs and pulls back from some businesses to improve profitability. Morale has suffered amid the overhaul, with investment bankers and traders facing lower bonuses and job cuts, current and former executives have said.
Brand started his career at Lehman Brothers Holdings Inc. in 1984 and in 1990 joined Bankers Trust, which Deutsche Bank later acquired, in real estate investment banking. He rose to run investment-banking coverage and advisory before being named regional chief in 2012.
He “has been among those central to building our presence in the United States and beyond,” Cryan and Fitschen said in the statement. “Earlier in his career, he helped to grow our corporate finance franchises in the U.S. and globally.”
Brand will advise clients at PJT, said the person, who asked not to be identified because the hire hasn’t been announced. Taubman founded the M&A boutique in 2013 after decades with Morgan Stanley. Last year he joined PJT with Blackstone Group LP’s advisory businesses, and the combined company was spun off to form a publicly traded firm.
Taubman said in March that it’s become easier to recruit top dealmakers because they are able to work on more mergers and acquisitions without being shackled to a private-equity firm -- a potential investor in so many transactions.
Renee Calabro, a spokeswoman for Deutsche Bank in New York, declined to elaborate on Brand’s plans. Brand didn’t immediately respond to a message seeking comment on the move.