(Reuters) - Mark Cohen, the head of restructuring finance at Deutsche Bank AG, will join Royal Bank of Canada as head of its U.S. capital solutions group in New York in June, people familiar with the matter said on Thursday.
Cohen led Deutsche Bank’s efforts to provide financing to distressed companies, arranging rescue loans, so-called debtor-in-possession (DIP) loans to help fund bankruptcies, and loans to companies exiting Chapter 11 bankruptcy. He led the restructuring finance group for 16 years.
Before joining Deutsche Bank, Cohen worked as an executive director at UBS Group AG, according to his LinkedIn profile.
The sources spoke on condition of anonymity because the move has not been publicly announced. Deutsche Bank did not immediately return a request for comment. RBC provided no comment.
Some of Deutsche Bank’s recent restructuring deals included DIP and exit loans for Energy Future Holdings and its affiliates, which filed bankruptcy in 2014, and the DIP loan for solar power developer SunEdison, which filed for bankruptcy almost one year ago.
Deutsche Bank also helped arrange financing for the 2011 bankruptcy of American Airlines.
Cohen is the latest banker from Deutsche Bank to join RBC. Earlier this year, the firm hired three senior bankers from the German lender’s financial institutions group, including Venikat Badinehal.
RBC also hired former Deutsche banker Marco Habert, who will join its U.S. retail and consumer investment banking team beginning Friday to focus on household and personal care, the sources said.
Overall, RBC has hired 11 managing directors in 2017 in its U.S. investment banking group.
Reporting by Jessica DiNapoli in New York and Matt Scuffham in Toronto; Additional reporting by Lauren Hirsch and Olivia Oran in New York; editing by Grant McCool