RBC lures three industry vets from global finance giant

RBC lures three industry vets from global finance giant

RBC lures three industry vets from global finance giant RBC Capital Markets has hired three senior bankers from Deutsche Bank AG, an internal memo reveals. The new hires specialize in advising banks.

The hires come amid increased speculation for bank mergers following a post-US election surge in financial companies’ stock prices, which could be used to pursue deals, according to the Globe and Mail.

Among the hires is Venkat Badinehal, Americas head of Deutsche Bank’s financial institutions group. Prior to joining Deutsche Bank in 2009, Badinehal worked at Merrill Lynch. He has brokered numerous deals, including BB&T Corp’s $1.8-billion acquisition of National Penn Corp and its $2.5-billion takeover of Susquehanna Bancshares.

Badinehal will co-head RBC’s US financial institutions investment banking unit alongside the current head, Jerry Wiant. Also joining RBC are managing directors Jason Braunstein and Saurabh Monga, whom Deutsche hired along with Badinehal from Merrill.

According to data from Thomson Reuters, financials-focused mergers and acquisitions declined 15.6% globally in 2016. Last week, Deutsche Bank said it would institute drastic cuts in its investment bankers’ 2016 bonuses after struggling to manage a profit and taking on a major litigation expense.