Deutsche Bank's senior UK dealmaker David Ord is set to leave the bank after a 20-year tenure, according to sources familiar with the matter. Ord, who has been a key figure in the bank's investment banking operations in London, is the latest in a series of high-profile departures from the German lender's corporate and investment bank.
Career at Deutsche Bank
Ord joined Deutsche Bank in 2004 and rose through the ranks to become a managing director and head of UK corporate finance. He has advised on numerous high-profile mergers and acquisitions, including the takeover of ARM Holdings by SoftBank and the merger of Just Eat and Takeaway.com. His departure is seen as a significant loss for the bank's UK franchise.
Reasons for Departure
The exact reasons for Ord's exit remain unclear, but it comes amid a broader restructuring at Deutsche Bank. The bank has been cutting costs and refocusing its investment bank after a strategic overhaul announced in 2019. Several senior bankers have left in recent months, including the head of global leveraged finance and the co-head of global mergers and acquisitions.
Impact on Deutsche Bank
Ord's departure could affect Deutsche Bank's ability to win mandates in the UK, a key market for the bank. However, the bank has a deep bench of dealmakers and is expected to promote from within to fill the gap. A spokesperson for Deutsche Bank declined to comment on the matter.
Market Reaction
News of Ord's exit comes as Deutsche Bank reports a strong performance in its investment bank, which has benefited from a surge in dealmaking activity. The bank's shares have risen over 20% this year, outperforming European peers. Analysts say the departure is unlikely to have a material impact on the bank's overall business.
- Ord advised on over $100 billion in M&A transactions during his tenure.
- He is one of the most well-known corporate financiers in the UK.
- His next move is not yet known, but he may join a rival bank or start his own advisory firm.
