PJT joined the banks with new offices in Munich
The new European location for investment banking offices is not Paris, nor Frankfurt. It's not even Milan. It is Munich in Bavaria. Banks have discovered what has long been known as one of the best places to live in Germany. The latest to migrate there is PJT Partners, the boutique bank which last year paid an average of $800k per head.
Click here to follow our new WhatsApp channel, and get instant news updates straight to your phone 📱
PJT didn't respond to a request to comment on the new office, but it appears to be moving people from London to work there. Christoph Seidel, the former head of M&A and corporate finance for JPMorgan in Germany and Austria, who joined PJT in 2019, has moved to the Munich office. So too have London-based VPs like Stefan Rau.
PJT ranked 13th for M&A deals with any German involvement in the first nine months of this year according to LSEG. Last year, Seidel was one of the busiest bankers in Germany.
Other banks have also been opening Munich offices. JPMorgan opened a Munich office in July and Bloomberg says it is now planning to base a group of private bankers there. Reuters noted in February that Goldman Sachs and Morgan Stanley are there and that PJT's rival Perella Weinberg Partners has Munich as its base. "It's a city where you can live well," declared Dietrech Becker, PWP's head of Europe.
Have a confidential story, tip, or comment you’d like to share? Contact: +44 7537 182250 (SMS, WhatsApp or voicemail). Telegram: @SarahButcher. Click here to fill in our anonymous form, or email editortips@efinancialcareers.com. Signal also available.
Bear with us if you leave a comment at the bottom of this article: all our comments are moderated by human beings. Sometimes these humans might be asleep, or away from their desks, so it may take a while for your comment to appear. Eventually it will – unless it’s offensive or libelous (in which case it won’t.)
Photo by Jan Antonin Kolar on Unsplash
