Business

Jefferies poaches Deutsche Bank bankers to bolster Spain, Portugal coverage

U.S. investment bank Jefferies (JEF.N) has bolstered its coverage of Southern Europe with two senior hires from Deutsche Bank (DBKGn.DE) to focus on clients in Spain and Portugal, a source familiar with the matter said.

The Wall Street bank has snapped up Deutsche Bank’s (DBKGn.DE) M&A head in Iberia, Andres Gutierrez, as its new investment banking boss for the region while Santiago Garcia Linares, a vice president at Deutsche Bank, will join as a director at the bank’s Madrid office, the source said, speaking on condition of anonymity.

Gutierrez and Garcia Linares will join Jefferies in mid-December and will focus on advising infrastructure clients among others, the source said.

Deutsche Bank declined to comment while Jefferies was not immediately available for comment.

Jefferies, which has a dozen investment bankers operating out of Madrid, has been on a hiring spree this year, poaching a number of senior dealmakers from Credit Suisse (CSGN.S), JPMorgan (JPM.N) and Barclays (BARC.L) among others in a bid to take advantage of record-breaking levels of M&A deals.

Gutierrez, a 14-year veteran of Deutsche Bank, will report to Armando Rubio-Alvarez, a former Credit Suisse banker who joined the bank earlier this year as country head for Spain and Portugal while also taking the helm of the bank’s financial institutions (FIG) franchise across Europe, the Middle East and Africa.

Since the summer, Jefferies has doubled headcount at its FIG franchise to more than 70 bankers globally and poached Andres Espinos — who will start in January as a senior vice president in Madrid — from Banco Sabadell (SABE.MC).