A quiet but seismic change has been going on at Jefferies' European investment bank over the past year. There has been a roughly 20% churn rate among the business's managing director ranks, with an unusually high number of departures.

Exits have included the region's head of M&A (Andrew Bell), head of equity capital markets (Reinout Koopmans), head of industrials (Thomas Fetzer), co-head of investment banking in Europe (Peter Bacchus), head of lodging and gaming (Steffen Doyle) and head of France (Jean-Philippe Verdier).