Deutsche Bank's head of mortgage finance is quietly on his way
If you're going to leave your job in an investment bank, you will not normally do it in the depths of the year just months before bonuses are paid.
And yet, this is what Frederic de Benoist, a Deutsche Bank managing director and the German bank's head of mortgage finance in Europe, is doing.
The reason for Benoist's departure isn't clear and Deutsche isn't commenting.
Benoist had been at Deutsche for over two decades, having joined after graduating from French business school Edhec.
His exit comes after Deutsche announced some not especially good third quarter results and said it needed to keep a handle on costs. The bank's credit business, where Benoist sat, performed better than others, though.
Deutsche Bank did some heavy hiring for its credit business in Europe in late 2022, when it recruited various senior people from Credit Suisse to work under Johnny Moore, Credit Suisse's popular former head of credit. As revenues across the investment bank fail to keep pace with rising costs, there are unconfirmed suggestions that the credit team may yet be pruned back again in the future.
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