Morning Coffee: Deutsche Bank man earns $11m in two years, resigns. M&A bankers can earn more outside M&A
Was it Olivier Vigneron's intention to walk away from Deutsche Bank? The Wall Street Journal and the Financial Times both suggest that it was. He has decided not to «seek an extension of his contract» goes the wording. He will be leaving on May 19th 2025.
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It was good while it lasted. Vigneron, who is a clever French former structured products traders with a degree in mathematics from France's École Polytechnique and a PhD in economics from the University of Chicago, joined at Deutsche Bank as chief risk officer in November 2021. During his first two years with the bank, he earned €10m ($10.5m). It seems fair to presume that this might have risen to $15m in year three.
Why leave? Vigneron has been toiling for nearly two and a half decades, so it's conceivable that he wanted a break. Before he became chief risk officer at Deutsche Bank, he was chief risk officer at Natixis. Before he was chief risk officer at Natixis, he worked in market risk for JPMorgan during the era of the London Whale and its $6.5bn loss. Before he worked in market risk for JPMorgan, he was global head of structured credit trading for residential mortgages for BNP Paribas during the financial crisis. None of this can have been easy.
What will Vigneron do next? He didn't respond to a request to comment, but his name means winemaker in France, so maybe he will return to type. Deutsche Bank will be replacing him with Marcus Chromik, who has a PhD in nuclear physics and who made €100k for his own account, shorting the Dax at the start of COVID, before giving some of it to charity when the German media found out. While Vigneron ventures on, it will fall to Chromik to manage Deutsche's risks, including
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