Marcel Herter has left Dresdner Kleinwort this week and he has been replaced by Kai Gebauer as head of leveraged finance, according to a source close to the bank.
Herter had been with the bank for 18 years and his decision to leave was amicable, the source said. He is believed to be joining another organisation.
Gebauer joined Dresdner Kleinwort last September as head of mid-cap leveraged finance. He will be based in Frankfurt and will report to Brian McBride, global head of leveraged finance.
Before joining Dresdner he was head of leveraged finance in Germany and also German country head for Allied Irish Banks. Before this he was head of leveraged finance at Commerzbank and he previously occupied the same position at German landesbank Helaba.
There has been a wider abandonment by banks of the leveraged loans sector. PEO exclusively reported on Friday that Citi has slashed its European leveraged loans team by half.
Deal fees provided by buyout firms to banks have declined by 77 percent in the first quarter, on the same period last year, to $1.16 billion (€742 million), according to data provider Dealogic.
This week JP Morgan’s global head of financial sponsor coverage John Coyle left to join European buyout firm Permira to head its US business.