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In July 2003 it seemed as if the European equity capital markets had seen the last of Deutsche's head of syndicate Sam Dean when he moved with his Brazilian wife to rural Brazil to live on a farm. Step forward one year and Dean was back running the syndicate after his successor Joseph Manko suddenly left the bank in the fallout from a block trade gone wrong, and Deutsche found itself short a syndicate head in the middle of Deutsche Postbank's troubled IPO.

Ronan McCullough moved from his post as a business unit manager in Goldman Sachs' fixed income, currencies and commodities division to become the firm's head of syndicate for Asia ex-Japan in January 2005. He replaced Dorothy Lau, who moved to JP Morgan.

Until last year, HSBC was at best a bit player in the European ABS market. Since the beginning of 2005, however, the firm has executed over a dozen deals and is knocking on the door of the top 10. The man who has wrought this change is Scott Dickens, who was brought in by global head of ABS John Bottorff in June 2004 to head the ABS and structured products group for EMEA. His objective is to make HSBC a top five bank.

Scott Kapnick was made co-chief executive officer of Goldman Sachs International on May 6 this year, a position that will see him moving over to London from New York later this year. He will remain co-head of the firm's global investment banking division which he has run since 2001.

Scott Miller was promoted to head of European leveraged finance at Citigroup in February 2005, and despite the instability in the high yield market following the double downgrade of Ford and General Motors in May, he remains confident that he has been dealt a good hand. "We already had a very strong European leveraged finance franchise, but I was brought in to boost the role that Citigroup plays in large merger and acquisition transactions, and to improve co-ordination with our investment banking and fixed income groups," Miller says.

When BNP Paribas reshuffled its senior fixed income roles in March, the first revamp of the division in five years, Stefano Paschetto was promoted to sole head of the bank's fixed income European institutional client group. Mark Goldman, formerly head of the institutional client group, had stepped down from his position, leaving Paschetto to take charge. Before Paschetto's promotion, he had spent over five years running interest rates and credit derivatives marketing in Europe.

In January this year, Sean Park was made head of a new division at Dresdner Kleinwort Wasserstein called Digital Markets Revolution, or Revolution for short. The idea behind the new venture is to develop, deploy and operate the bank's complete suite of electronic/web-based trading, execution and analytical services across the full spectrum of capital markets and investment banking products.

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Steve Bellotti has been swift in bringing about change in Dresdner Kleinwort Wasserstein's debt capital markets division since the former Merrill Lynch banker joined as global head of capital markets in September 2004. Bellotti, an aggressive Australian whose appointment ruffled a few feathers, wasted no time in getting to work on the structure of DrKW's fixed income business to realign it with that seen elsewhere on the street.

Steven Victorin took charge of global loan capital markets for Europe at Citigroup in June 2004, in addition to his capital markets responsibilities for North America. He leads a team responsible for the origination, structuring and syndication of corporate senior bank debt in the investment grade and cross-over markets for North American and European global franchises and markets. He also leads the team that manages European syndicated loan sales and trading, which includes investment grade, leveraged and emerging markets.

It was a natural progression in Stuart Bell's 25 year long career to become head of ABN Amro's European corporate debt capital markets division after having headed up the bank's European corporate syndicate and sterling credit business. "The skills on the syndicate side have become more important as the execution of corporate deals has become more rapid and price-determined," says Bell. "With experience on the syndicate desk, you gain more exposure, pitching borrowers with the debt capital markets team and over time build a network of relationships with issuers. It was a natural move for me to go from head of corporate syndicate to a more client-facing role in debt capital markets."

Thomas Duetoft was promoted to head of primary distribution, sales and trading at Dresdner Kleinwort Wasserstein in October 2004, three years after he was brought in to set up the bank's loan trading desk and head its secondary trading business. In his new position, Duetoft has been given the task of bringing that secondary trading desk and Dresdner's primary distribution activity together.