Winter and Goettler take the positions they had at Deutsche, as managing directors and head of debt capital markets for Europe and the US, respectively.
Kvalheim was Deutsche's global head of debt origination and of the bank's most senior managers. He joined in 1995 from Merrill, and was regarded as a lieutenant of the late Edson Mitchell.
After Mitchell's death, Kvalheim and Anshu Jain were the obvious candidates to head global markets. In the event, the job was split. Jain was given global markets. Kvalheim was given global debt origination, while, loans supremo Tommy Gahan was given global credit products.
Deutsche plans to split off the customer relations element of Kvalheim's global debt origination into corporate finance, which is headed by Michael Cohrs and Bob Cotter. The origination and syndication side of the business is to be placed under Anshu Jain.
A source at Deutsche Bank claimed that these changes had been discussed over the last month or so. If that were the case, Kvalheim, who was thought to have been unhappy already that Jain took the global markets job, would have known that he was being effectively sidelined.
Barclays Capital has also promoted Richard Boath, global head of primary markets, to deputy head of investment banking, under Naguib Kheraj, who still heads investment banking.
In February, Barclays launched a spectacular failed raid on the fourth floor of 11 Madison Avenue, where CSFB's fixed income heavyweights, head of credit trading Jack Dimaio, John Walsh, head of investment grade, and syndicate head Don Devine had to be persuaded to stay at the firm by CEO Allan Wheat and fixed income head Stephen Hester.
However, this time round, Barclays' chiefs appear to have been more successful.
(see Ian Kerr in EuroWeek issues 692, 691).