Deutsche Bank's co-head of US leveraged finance sales resigned after 15 months

Rightly or wrongly, Deutsche Bank once had a reputation for unexpectedly landing its heads of businesses with co-heads and letting the two fight it out. This was a long time ago, but it's the sort of thing that springs to mind when a co-head unexpectedly leaves before bonuses are paid.

Get Morning Coffee ☕ in your inbox. Sign up here.

It's not clear whether Greg Driscoll has submitted to his co-head Alex Bici, but two years after joining Deutsche Bank's New York office as co-head of US leverage finance sales, Driscoll is understood to have left again. Deutsche Bank isn't commenting, but multiple sources say he resigned.

Driscoll joined Deutsche Bank in August 2023 after spending 14 years at Bank of America. Sources say he was hired to build the bank's high yield sales team, but that it proved challenging. The team has had exits like that of associate Krish Aggarwal to Morgan Stanley in November and there are unconfirmed suggestions that Driscoll was compelled to let go of more senior staff. Andre Clemet, the New York-based global head of credit risk management also left in November. Deutsche is understood to be hiring replacements for the leveraged finance team.

Driscoll himself didn't respond to a request to comment. He says he's open to work on LinkedIn.

Michael Nelson, head of markets for the Americas at search firm Sheffield Haworth, says Deutsche probably needs to make some new senior hires soon in "what is shaping up to be a strong credit cycle." A few years ago, the European regulator threatened to curtail Deutsche's leveraged finance activities over fears about its risk appetite, but this has passed. 

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 libellous (in which case it won’t.)