German private bank Berenberg has announced a significant leadership change within its investment banking division, reinforcing its commitment to growth in key European markets. The firm has promoted Jan Schiedat, a seasoned banker with deep experience in the UK and Germany, to lead its European investment banking team.
A Strategic Promotion for European Growth
Jan Schiedat's promotion to head of European investment banking is a calculated move by Berenberg to strengthen its position across the continent. Schiedat, who previously served as the joint head of investment banking for the UK, will now oversee the bank's advisory and capital markets activities throughout Europe. This restructure sees him succeeding David Mortlock, who is stepping down from the role.
Schiedat's career at Berenberg spans over a decade, during which he has been instrumental in building the bank's UK franchise. Based in London, he has been a pivotal figure in executing major transactions, particularly in the industrial and business services sectors. His deep-rooted relationships and deal-making expertise are seen as vital assets for driving the European strategy forward.
Consolidating Leadership and Client Focus
The leadership transition is part of a broader consolidation of Berenberg's investment banking command. Following this change, the UK investment banking team will now report directly to Schiedat in his new pan-European capacity. This streamlined structure is designed to enhance collaboration and ensure a unified approach to serving clients across borders.
Schiedat will now report directly to Klaus Hünnekens, the global head of investment banking at Berenberg. The bank has expressed confidence that this new alignment will provide clients with seamless access to its full range of services, from mergers and acquisitions to equity capital markets, throughout the European region.
Implications for Berenberg's London Operations
This promotion underscores the continued importance of London within Berenberg's European network. Despite the geopolitical shifts following Brexit, the bank is reaffirming its commitment to its London hub by placing a London-based banker at the helm of its European operations. Schiedat's appointment signals an intent to leverage London's financial expertise and international connectivity to win mandates across Europe.
The move comes at a time when investment banks are carefully calibrating their European strategies. Berenberg, which employs around 400 people in London, is betting on integrated cross-border teams to compete effectively. The bank's leadership has highlighted that this change is a natural evolution, building on Schiedat's proven track record and the strong foundations laid in the UK market.
Looking ahead, the focus for Schiedat and his team will be on capturing a larger share of the European mid-market advisory scene. By centralising leadership, Berenberg aims to present a more cohesive front to clients and execute a growth strategy that transcends national boundaries, with London remaining a critical nerve centre for its ambitions.
