Investment banker John Utendahl got a new job as the vice-chairman of Deutsche Bank, which sent out an effusive press release announcing their new hire. Among the usual stiff hosannas from people at the firm (“John is a trailblazing entrepreneur who has earned the trust of countless clients across corporate America,” said the Deutsche Bank CEO), the release contains a quote from a client of Utendahl’s — Keith Sherin, the CFO of General Electric.
It’s pretty mushy:
“John has an incredible network of relationships with key institutions and clients, and his ability to systematically develop business and bring banking and investment solutions to these institutions through these contacts is truly impressive,” said Keith Sherin, CFO and Vice Chairman of General Electric. “His depth of financial product experience across many asset classes has led to GE successfully investing with John. We have used his products and services for many years and we look forward to continuing that association going forward.”
The Street points out that it’s highly weird for a client to be quoted in a press release, especially one who is not a client of the firm:
Deutsche Bank appears to be saying: “‘Hey folks, you can expect us to start doing lots of business with General Electric”
But the real question is, what’s Utendahl’s girlfriend, Tyra Banks, going to say? One thing is for certain, we wouldn’t want to be on Sherin’s side of those expressive eyes.
