Deutsche Bank has placed its U.S. equity capital markets group under the wing of Richard Byrne, the co-head of global debt finance. While the bank has not combined the groups, it is giving Byrne oversight in the hope he will replicate his success in high yield. In the first quarter, Deutsche Bank placed third in high-yield underwriting, compared to 11th in equity underwriting.
Byrne and Michael Cohrs, global head of corporate finance, did not return calls. Douglas Baird, head of U.S. equity capital markets, will now report to both Byrne and Hubert Keller, global head of equity capital markets.