Deutsche Bank lost the head of FX sales it hired from Goldman Sachs in July
That was quick. Ernesto Mercadante, the ex-Goldman Sachs executive hired by Deutsche Bank to run FX sales in Europe in July has left again.
Sources say Mercadente left the German bank in the past few days. Deutsche Bank didn't respond to a request to comment.
Mercadente was hired to replace Amedeo Ferri-Ricchi, who left Deutsche Bank for derivatives broker JB Drax Honoré in June. Ferri-Ricchi was a big revenue generator for the German bank and Mercadente was intended to fill the gap.
Before joining Deutsche, Mercadente spent four years at Goldman as co-head of EMEA FX sales and five years at JPMorgan as head of Southern Europe and CEEMEA FX sales. He began his banking career at Goldman Sachs (he had two stints at the firm) in 2001. It's not clear what he intends to do next.
Mercadante's exit comes after last week's suggestion that Deutsche is thinking of cutting bonuses by 20%. However, it seems unlikely that he would have been affected by this after almost certainly being hired on a guaranteed bonus.
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