The exodus from Deutsche Bank Securities continued Tuesday, as more than 130 bankers, analysts, and sales staff decamped for Credit Suisse First Boston.
The latest defections include 20 analysts from Deutsche Bank Securities' telecommunication equipment group, ranked as one of Wall Street's two best in the field by Institutional Investor.
"The addition of this talent to our technology business is another positive step in building our global franchise," said Allen D. Wheat, chairman and chief executive of Credit Suisse First Boston, in a press release.
Credit Suisse First Boston announced July 1 that it had lured away Frank Quattrone and other top Deutsche Bank Securities bankers from the firm's technology group.
Deutsche Bank Securities has now lost virtually an entire investment bank's worth of staff, put together over the years at great expense. The bank's top executives in Europe now say they are looking to acquire a U.S. investment bank, rather than rebuild.