[NEW YORK] Two of Deutsche Bank AG's top equity capital markets bankers, who focused on financial institutions and insurance companies, have left the bank's New York office, according to people familiar with the matter.
Neil Abromavage, a managing director and co-head of the financial institutions group's ECM origination, and Sean Davis, a vice-president in the ECM group, were let go from the German lender this month, the people said, asking not to be identified because the matter is private.
Mr Abromavage was at the firm for almost 16 years, spending 10 years in FIG ECM after working as an equity analyst covering finance and insurance companies.
Mr Davis worked on FIG equity deals at the bank for the past five years.
Jeremy Fox, managing director and co-head of US ECM, and Stephen Lambrix, a director in the group, will look after FIG deals, one of the people said.
Deutsche Bank has gone through restructuring and cost cutting in an effort to boost capital levels and reverse a slump in shares. The firm had eliminated about 9,000 staff across the business as of July.
Its been a slow year for equities bankers across the street. Just US$13.4 billion has been raised in US initial public offerings this year, down 55 per cent from the same period in 2015, according to data compiled by Bloomberg that includes listings of companies, special purpose vehicles and funds. Only nine of the listings this year were by financial companies, the data show.