Things are getting so existentially painful for John Cryan that he is now beset by dreams of staring into Brian Moynihan’s world-weary, angst-scarred face, witnessing the odd miracle of a smirk appearing and hearing what passes for a Moynihanian giggle before his fellow bank CEO and human punching bank murmurs “Even I got one over on you John…”
Stephen Pitts, a senior Deutsche Bank AG banker with close ties to tech giant SoftBank Group Corp., is joining Bank of America Corp., according to the banks.
Mr. Pitts, a 17-year Deutsche Bank veteran and managing director, is a senior leveraged-loan banker with a long history structuring deals for telecommunications companies. He has been a key banker in the lender’s relationship with SoftBank, which last year launched a nearly $100 billion technology fund, said people familiar with his role.
Brian Moynihan just stole away the one guy in Cryan’s whole operation that can actually get Masayoshi Son’s thirsty check writers on the phone, and getting SoftBank on the phone is the last great arbitrage play in contemporary banking. SoftBank is handing out so much money these days that it essentially just bought Uber…on purpose.
And Pitts isn’t just friendly with the SoftBankers, he’s their ride-or-die homie…
Last year, Mr. Pitts helped arrange Deutsche Bank financing for SoftBank’s $3.3 billion takeover of Fortress Investment Group LLC, the New York-based private-equity and real-estate firm that had been publicly listed, people familiar with the deal said. Bank of America is eager to win more business with SoftBank and other technology companies and has been working to grow its European leveraged-loan business broadly, people familiar with discussions about Mr. Pitts’ hiring said.
And now he works for Bank of America. 2018 is shaping up to be another year of weltschmerz for Deutsche Bank.