Fourteen months ago when Deutsche Bank for the first time appointed co-heads to run its global mergers and acquisitions business, the market looked about as good as it ever had. Deal volumes were climbing and bankers were two months into what became the best year on record for the M&A advisory business.

Two weeks ago, Deutsche Bank said the co-heads would be leaving their posts, with Tony Burgess returning to his native Australia and James Stynes moving up to become chairman of the division.