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Citi finds out that Deutsche Bank is fertile ground for hiring in Frankfurt

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With Paris dominating the news thanks to the official from JPMorgan opening of a new office in the French capital, Frankfurt seems a little neglected. However, hiring is still done in the German financial center, but with less fanfare than in the French city 600 km to the west.

Citi has offices in both Frankfurt and Paris, Frankfurt being the more important of the two. – Frankfurt is the center of Citi’s post-Brexit European operations, says David Livingstone, Citi’s Emea chef last year. The bank’s Frankfurt office is headed by Christine Braden, the former chief of staff of former Citi CEO Mike Corbat. Braden said at the end of last year that competition for talent in Frankfurt was intense as Citi tried to hire everyone from traders to “compliance, finance, M&A bankers.”

As the American bank expands its business in Frankfurt, local German banks appear to be a source of talent at their fingertips. Citi’s German head of mergers and acquisitions, Holger Knittel, came from Deutsche. The same goes for Malte Hopp, its ECM manager. In 2019, Citi hired Frederik Wienke, vice president of multi-asset solutions at Deutsche Bank. Now he has recruited a new DB to be his boss: Dennis Grosche.

Grosche has just joined Citi as Head of Equity Derivatives Sales for Germany and Austria after four years at Deutsche Bank and five years at Bank of America Merrill Lynch. He’s only a vice president at Citi, but that seems like a big step forward, considering he was a partner just four years ago.

Citi declined to comment on the new appointment. Other recent hires in the US bank in Frankfurt include Svetoslav Ivanov as model risk manager (Ivanov was previously independent). Last December, Citi hired Peter Kimpel from Barclays as Head of Banking, Capital Markets and Advisory (BCMA) for Germany and Austria.

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photo by Stefan Elvis-stiuca at Unsplash

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