By Al Edwards, Financial EditorFORMER SENIOR vice-president of Investments at Prudential Securities and Financial Gleaner contributor Jason Abrahams has left Wachovia Securities to join Deutsche Bank for a salary in excess of US$1 million, the Financial Gleaner understands.
Mr. Abrahams had carved out a reputation as one of the bright young stars in the local financial sector before he was enticed by one of the biggest investment houses in the United States.
In July of last year, Wachovia Securities and the Prudential Securities Division of Prudential Financial combined to form Wachovia Securities. The new company had a combined client assets of US$532 billion with over 3,400 brokerage locations.
Deutsche Bank has two main arms, namely Corporate and Investment Banking and Private Clients and Asset Management. It is one of the largest banks in the world, offering retail services in Germany, but its investment bank and asset management business operate throughout Europe with additional markets in the Pacific Rim and in the United States. It has been widely rumoured that the company will be sold to a foreign bank with Citigroup, HSBC, and Credit Suisse all clamouring to make the acquisition.
A senior broker from a Caribbean-based brokerage told the Financial Gleaner that Mr. Abrahams and two other brokers from Wachovia joined Deutsche and are likely now to encourage their Caribbean clients to join them at Deutsche.
