TOBY Clark, one of the key advisers on the aborted £5.2bn takeover of the services group ISS by G4S, has left Deutsche Bank, the bank that led the advice on the deal.
City bankers say they became aware of his departure from Deutsche earlier this week when his email account was closed down.
Friends say that Clark, who was at Deutsche for 18 years, was considering what he might do next. Deutsche, which worked alongside RBS Hoare Govett and Greenhill on the deal, declined to comment yesterday. However, it is understood that his exit is part of a programme, announced last October, to take 500 people out of its investment bank globally as a consequence of the downturn in the markets.
There is no doubt that the failure of the G4S bid would have been a disappointment for Clark. The advisers were criticised for being initially too positive about investor feedback after they first put the deal to institutions.
The failure of the deal has led to G4S putting the corporate broking mandate up to tender, with up to 10 banks fighting for the business. Deutsche, which has won more FTSE 100 brokerships than any other firm in the last two years, has decided not to re-pitch.
