A Deutsche Bank director left for Exane, and got promoted to MD

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Why stay at Deutsche Bank and see your deferred bonuses dwindle when you could leave for an expansionary French bank that will also offer you a promotion?

This appears to have been the calculation taken by Mark Roy, a former equity sales director at Deutsche Bank who specializes in the consumer staples, retail and luxury goods sector. Roy just left Deutsche Bank. He's joined Exane BNP Paribas - as a managing director (MD).

Roy's rush to Exane comes after the French bank hired Paul Reynolds, Deutsche's former head of EMEA equity research, in September. Reynolds is expected to start soon (if he hasn't already). Earlier this week, Financial News reported that Exane BNP Paribas had increased its recruitment budget by 70% since 2010 and that the bank sees Mifid II as, "the best chance since the financial crisis to pick up the very best market participants and bring them into our franchise."

Deutsche Bank's equities sales and trading revenues fell 15% year-on-year in the nine months to September and by a similar amount in the third quarter. Roy spent nearly nineteen years at the German bank after joining as an associate in 2000.

Exane won this year's Extel awards for best overall research, best sector research and best overall broker. However, not all Mifid II-inspired equities expansions go to plan. - Berenberg got cold feet recently, called a halt to its expansion and reset headcount to the beginning of 2017.

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