Deutsche Bank AG's North American investment banking unit, Deutsche Banc Alex. Brown Inc., continues to do selective hiring even as the company plans to cut about 500 jobs in its Americas division as part of a companywide restructuring.
Deutsche Banc Alex. Brown announced Tuesday that it had hired Sarah Martin, a former Credit Suisse First Boston banker, as a managing director in its financial institutions group.
Ms. Martin will be responsible for investment banking coverage of select insurance companies in the United States and Canada, the company said.
The announcement coincided with the reported hiring of Jose Luis Daza, who had coheaded emerging markets research at J.P. Morgan Chase & Co. Mr. Daza left Morgan Chase late Monday, and a source said it was to take a post at Deutsche.
Rohini Pragasam, a spokeswoman for Deutsche Bank, confirmed that Ms. Martin had joined the investment banking unit but could not confirm Mr. Daza's hiring.
A spokeswoman for Morgan confirmed that Mr. Daza had resigned but declined to comment on his plans. However, a source said Mr. Daza left his job at the New York commercial banking company to join Deutsche in an undisclosed capacity.
Last week, Frankfurt-based Deutsche Bank disclosed a long-awaited restructuring that is intended to consolidate its five business lines into two: product creation and product distribution.
About 2,600 job cuts are planned throughout the company. Ms. Pragasam said there is no connection between the investment banking unit's hiring of talented individuals and the broader reorganization.
Ms. Martin's hiring "is an example of what we have been doing since the merger" of Deutsche Bank and Bankers Trust Corp., she said, "strategically hiring quality people from quality institutions. It has nothing to do with the reorganization or with jobs that were cut last week."
She said that most of the 500 job cuts in the Americas would be in technical support and operations among the bank's 16,000-strong work force in this hemisphere. They are expected to be made in the next three years.
Meanwhile, at Morgan Chase, the spokeswoman said that Joyce Chang, who was co-head of emerging markets research with Mr. Daza, would assume sole responsibility for the area.
