Deutsche Bank has seen another senior departure, with the loss of Neil Abromavage, one of its senior most bankers, who parted ways with the German lender after sixteen years, according to a recent Bloomberg report.
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Deutsche Bank has been at the epicenter of personnel cuts going back to 2015 – the lender has embarked on an ambitious cost cutting strategy that portends the cutting of upwards of 35,000 jobs over the next few years. While many of these concern back-office or technology positions, namely in the UK, many senior ranking personnel have also parted ways with the group.
Deutsche Bank’s CEO John Cryan also echoed this sentiment recently after a lackluster earnings report cast doubt on the interim strategy. Indeed, diving revenues and profitability has had a direct effect on personnel moves in recent months, which places even more pressure on Deutsche Bank’s Q3 earnings – a release shareholders will almost certainly be dialed in to.
Contingency Plan
For his part, Mr. Abromavage leaves Deutsche Bank after sixteen years, having worked as its equity capital markets (ECM) origination banker. He had served as a Managing Director and Co-Head of the Financial Institutions Group. It is unclear at this juncture where his next destination is, though the lender has already made contingency plans to soldier forth in his absence.
Deutsche Bank will appoint the co-head of its US ECM unit Jeremy Fox to assume command of Mr. Abromavage's duties and role with immediate effect. The ECM unit as a whole has changed radically in recent months, with Sean Davis, the unit’s Vice President (VP), also leaving Deutsche Bank.
