$10m Deutsche raid on Merrill

Deutsche Bank has poached a senior executive from Merrill Lynch for a reputed two-year package worth between $5m and $10m (£3m-£6m) to head its global foreign exchange, fixed-income, money markets and derivatives businesses based in London.

The recruitment of Edson Mitchell, 41, previously world co-head of Merrill Lynch's fixed-interest division, is seen by City observers as key to Deutsche's recently announced strategy to build a truly global investment bank based on its British Morgan Grenfell subsidiary.

Michael Dobson, Morgan Grenfell's chief executive, and the man in charge of building Deutsche's global investment bank, enthused over Mr Mitchell's appointment as head of global markets.

"It is a very important position, controlling four businesses worldwide. Mr Mitchell has played a key role in their [Merrill's] fixed-interest, exchange and derivatives operations. He's a pretty big figure on Wall Street." He refused to comment on Mr Mitchell's salary.

The chief executive said global markets already employed up to 2,000 worldwide. He said there would be more hiring of top people in coming months as part of Deutsche's drive to build a big global equities house based in London.

The reshaping of investment banking worldwide continues apace, driven by intense competition and the globalisation of finance. Rumours swept the London stock market yesterday that Barclays Bank was planning to buy Donaldson Lufkin & Jenrette (DLJ), the Wall Street securities house, for between $1bn and $1.5bn.

A BZW spokesman said last night: "We do not comment on market speculation. We are reviewing our strategic direction of the business in the USA."

All Barclays' US operations are under the BZW investment banking umbrella, and BZW's deputy chief executive, Donald Brydon, began a comprehensive strategic review at Christmas expected to be completed by the summer, according to sources.

NatWest Group was thought to be interested in DLJ earlier this year.

One banking analyst said yesterday that Barclays buying DLJ would be "a good strategy, if growing investment banking is the right thing to do. Barclays already does well in foreign exchange and asset management. This would add enormously to its equities distribution capability in the US."

Salomon Brothers, the giant US securities house, also announced yesterday that its London-based European chief executive officer, Stephen Posford, would retire on his 50th birthday in September next year.

Rodney Berens, currently a managing director, will join Mr Posford as co-chief executive officer this October and take over fully next year. Mr Posford has been a dominant figure in developing Salomon's European operations.

Start your day with The Independent, sign up for daily news emails
Life and Style
love + sex A new study has revealed the average size - but does that leave men outside the 'normal' range being thought of as 'abnormal'?
Arts and Entertainment
The Palace of Westminster is falling down, according to John Bercow
voices..says Matthew Norman
Steve Bruce and Gus Poyet clash
Graham Norton said Irish broadcaster RTE’s decision to settle was ‘moronic’
Arts and Entertainment
Jake and Dinos Chapman were motivated by revenge to make 'Bring me the Head of Franco Toselli! '
arts + ents Shapero Modern Gallery to show explicit Chapman Brothers film
Arts and Entertainment
Kurt Cobain performing for 'MTV Unplugged' in New York, shortly before his death
music Brett Morgen's 'Cobain: Montage of Heck' debunks many of the myths
ebooksA special investigation by Andy McSmith
Life and Style
Brendan Rodgers
football The Liverpool manager will be the first option after Pep Guardiola
Amazon misled consumers about subscription fees, the ASA has ruled
Arts and Entertainment
Myanna Buring, Julian Rhind-Tutt and Russell Tovey in 'Banished'
TV Jimmy McGovern tackles 18th-century crime and punishment
Arts and Entertainment
Paul Whitehouse as Herbert
arts + ents
Latest stories from i100
Have you tried new the Independent Digital Edition apps?
Independent Dating

By clicking 'Search' you
are agreeing to our
Terms of Use.

iJobs Job Widget
iJobs Money & Business

Recruitment Genius: Sales Executive - OTE £40,000

£15000 - £18000 per annum: Recruitment Genius: This is a great opportunity for...

Austen Lloyd: Law Costs HOD - Southampton

£50000 - £60000 per annum + Excellent Salary: Austen Lloyd: An outstanding new...

SThree: Recruitment Resourcer

£20000 - £21000 per annum + uncapped commission: SThree: As a graduate you are...

Ashdown Group: Junior Application Support Analyst - Fluent German Speaker

£25000 - £30000 per annum + benefits: Ashdown Group: A global leader operating...

Day In a Page

Syrian conflict is the world's first 'climate change war', say scientists, but it won't be the last one

Climate change key in Syrian conflict

And it will trigger more war in future
How I outwitted the Gestapo

How I outwitted the Gestapo

My life as a Jew in wartime Berlin
The nation's favourite animal revealed

The nation's favourite animal revealed

Women like cuddly creatures whilst men like creepy-crawlies
Is this the way to get young people to vote?

Getting young people to vote

From #VOTESELFISH to Bite the Ballot
Poldark star Heida Reed: 'I don't think a single bodice gets ripped'

Poldark star Heida Reed

'I don't think a single bodice gets ripped'
The difference between America and Israel? There isn’t one

The difference between America and Israel? There isn’t one

Netanyahu knows he can get away with anything in America, says Robert Fisk
Families clubbing together to build their own affordable accommodation

Do It Yourself approach to securing a new house

Community land trusts marking a new trend for taking the initiative away from developers
Head of WWF UK: We didn’t send Cameron to the Arctic to see green ideas freeze

David Nussbaum: We didn’t send Cameron to the Arctic to see green ideas freeze

The head of WWF UK remains sanguine despite the Government’s failure to live up to its pledges on the environment
Author Kazuo Ishiguro on being inspired by shoot-outs and samurai

Author Kazuo Ishiguro on being inspired by shoot-outs and samurai

Set in a mythologised 5th-century Britain, ‘The Buried Giant’ is a strange beast
With money, corruption and drugs, this monk fears Buddhism in Thailand is a ‘poisoned fruit’

Money, corruption and drugs

The monk who fears Buddhism in Thailand is a ‘poisoned fruit’
America's first slavery museum established at Django Unchained plantation - 150 years after slavery outlawed

150 years after it was outlawed...

... America's first slavery museum is established in Louisiana
Kelly Clarkson: How I snubbed Simon Cowell and become a Grammy-winning superstar

Kelly Clarkson: How I snubbed Simon Cowell and become a Grammy-winning superstar

The first 'American Idol' winner on how she manages to remain her own woman – Jane Austen fascination and all
Tony Oursler on exploring our uneasy relationship with technology with his new show

You won't believe your eyes

Tony Oursler's new show explores our uneasy relationship with technology. He's one of a growing number of artists with that preoccupation
Ian Herbert: Peter Moores must go. He should never have been brought back to fail again

Moores must go. He should never have been brought back to fail again

The England coach leaves players to find solutions - which makes you wonder where he adds value, says Ian Herbert
War with Isis: Fears that the looming battle for Mosul will unleash 'a million refugees'

The battle for Mosul will unleash 'a million refugees'

Aid agencies prepare for vast exodus following planned Iraqi offensive against the Isis-held city, reports Patrick Cockburn