Deutsche ECM compliance breach
Anyone know what happened at DB today? Head of ECM and 3 others got the axe. It was said to be “unrelated to client activities.” Anyone have any more knowledge at all here?
Expensed strip club on company card and tried to cover it up, bunch of legends
Wow absolute legends, would have been ok in 07’
yep; https://www.bloomberg.com/news/articles/2022-03-25/deutsche-bank-fired-…
"Ben Darsney, former Americas head of equity capital markets, Ravi Raghunathan, Brandon Sun and Daniel Gaona were fired after seeking reimbursement for a restaurant visit, the people said, asking not to be identified discussing a private matter. Once the bank discovered the issue, it decided to terminate the executives, the people said. The firings were first reported by Bloomberg News on Thursday."
Legends
In NY or Europe? Who is the head?
check the comment I just posted
Sounds like a good time had by all.
Perfect example of culture going too soft. That sounds dope af.
Are their careers forever fucked? Didn't the SPAC team crush it last year?
Rip that associate
How does trying to sneak a strip club bill through the corporate card, and getting caught and sequentially fired make anyone a “legend”?
Imagine losing a $1mm/yr job over something like this.
Cuz we live in the US macho bro culture where backward baseball hat-wearing is considered the pro and hardworking people who don't social much are seen as stupid.
If you did a spac deal last year, most likely worked across a subset of them last year. Guess gone the way of SPACs
SO STUPID. Like if you're going to hit a club (we all enjoy it sometimes), go for it and enjoy hard but like why would you try and cover it up and try and expense it?? Like that's a textbook redflag for any compliance department. I'd expect this from some dumbass analysts or something but not the freaking head of ECM and other senior bankers lol.
And quite frankly we've been well past the stage of being a rainmaker equaling getting away with whatever you wish lol so it's not like these guys were just crawling out of the lawlessness preceding 08. Just so so dumb..
Bump:
Aftermath :
Ben Darsney, now MD at drexil Hamilton
Daniel Gaona, now associate at Stifel
Brandon Sun, now MD at Cohen Capital Markets
LEGENDS!
Wow. Legends indeed. Quick check on brokercheck shows that they have a disclosure that would have ended any normal person's career. Yet all of them landed jobs (other than Ravi) at reputable firms.
Broker check mentions that Gaona is a VP at Stifel now. Pretty remarkable career recovery for them
Most of them landed jobs within 2-3 months. Brandon Sun got his job immediately after. Surprised their new companies / clients didn't mind the huge FINRA red flag
FINRA no longer has Ben Darsney as registered at Drexel Hamilton. I guess military veterans are not ok w/ expensing strip club visits
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