Morning Lorne(all):
re: Gold may be back on Special Import Licence list
Yes, very interesting.
O/T (?)
Just heard the prior BT CEO resigned overnight also.
BT loses executives as it merges with Deutsche Bank
NEW YORK, June 9 (Reuters) - Top executives of Bankers Trust Corp. (NYSE:BT - news) have quit the No. 8 U.S. bank as it merges with its new parent, Germany's giant Deutsche Bank AG (quote from Yahoo! UK & Ireland: DBKG.F), to form the world's largest bank.
Mickey Misera, a managing director who runs domestic equity trading, left Bankers Trust's security arm BT Alex. Brown, while Joseph Russell, a managing director in fixed-income sales and trading, and Art Penn, who ran global fixed-income capital markets, also left, a Deutsche Bank spokeswoman confirmed.
Traders also have quit and others are expected to follow. Chris Holter, who jointly headed over-the-counter equity trading at BT Alex. Brown, and Chris Bartlett, a senior OTC trader, both went to Charlotte, N.C.-based First Union Corp (NYSE:FTU - news). More could follow them south, a source said.
A health-care analyst at BT Alex. Brown, Christopher Russ, went to First Union in February.
Deutsche Bank bought Bankers Trust last week for $9 billion and expects to cut about 5,500 jobs, mostly in New York and London. Other recent blockbuster bank merger deals like the combination of NationsBank and Bank of America to form Bank of America Corp. (NYSE:BAC - news) also left a trail of lost jobs.
''I think it's well known that downsizing is going to occur and people will be leaving but the trick is to decide if the people who are leaving are people who the new company wanted to keep,'' Robert Albertson, who runs global financial services fund Pilot Financial said. ''The whole issue for Deutsche Bank is how they manage this process over the next 12 months.''
Deutsche Bank already is working to put its stamp on Bankers Trust, bringing in a team of exectives from Merrill Lynch and Co. Inc. (NYSE:MER - news) to run its credit and high-yield operation -- a long-time BT niche unit -- and putting some of its highest-ranking people at the top of the combined company.
Bankers Trust was reeling from losses in emerging markets and bond trading in autumn last year, when it agreed to sell out to Germany's biggest bank for $93 a share. Deutsche Bank, meanwhile, was looking to expand its U.S. presence.
Tom Gahan, previously at Merrill Lynch, came over to Deutsche Bank in February to become global head of credit products, which includes the high-yield business. Other hires from Merrill included Richard Byrne as global head of high-yield debt capital markets, Kevin Driscoll as director of trade claims and loan sourcing and Steve Renehan as head of investment grade credit trading.
In April the bank hired a collateralized debt obligation team from Merrill as well.
Penn and Russell, had they stayed at the combined bank, would have reported to Gahan.
In assembling the combined global and investment bank, Deutsche Bank also said its head of global markets, Edson Mitchell, would keep that job while Michael Philipp, Deutsche's head of global equities, would also remain on board.
John Ross, who was chief executive of Deutsche Bank's Asia Pacific businesses, was appointed to the new job of president and CEO of the banks' combined units in the Americas.
But several Bankers Trust top executives have also gotten choice titles within the bank and many got handsome pay packages to stay.
Yves de Balmann and Mayo Shattuck, Bankers Trust's co-heads of investment banking, kept their jobs, while Elizabeth Ruml will become head of market risk management. David DiPietro, head of BT Alex. Brown's global equity capital markets group, would lead of North American equities, reporting to Philipp.
In London, another area where job losses are expected, Lord Levene, the Lord Mayor of London who was also chairman of Bankers Trust International, was named chairman of European investment banking operations.
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