(Dovi) Frances spent 4 1/2 years in the Israeli army (the requirement is 3 years for men). During that time, he was in the infantry and attended the officers' academy. He went on to graduate from business school, and then followed his older brother to Deutsche Bank in San Francisco in June 2008.
He was a junior-level bank employee when he woke up and watched the news of the Lehman Brothers' collapse that September.
Despite the financial-market meltdown, Frances didn't lose his job. That's because there was one financial instrument that Deutsche Bank had that other banks didn't — loans. And Frances excelled in selling loans.
However, when the government rolled out the Troubled Asset Relief Program (TARP), his competitive advantage was destroyed. Other banks had started extending credit, and his pipeline was gone overnight.
He didn't give up, though. Instead, he thought of a new idea to get clients.
"With that, I needed to figure out a way to reinvent myself as a banker. I decided to do something no banker has done before — direct letters to people who are not clients who reside in properties in excess of $5 million."
Frances worked with Deutsche's legal and compliance to draft the letter. He sent out 2,000 and received two responses. One of those responses was from Sergey Grishin, a Russian billionaire...
http://www.businessinsider.com/sg-financial-dovi-frances-profile-2014-4#ixzz2yhlr6GnX
He was a junior-level bank employee when he woke up and watched the news of the Lehman Brothers' collapse that September.
Despite the financial-market meltdown, Frances didn't lose his job. That's because there was one financial instrument that Deutsche Bank had that other banks didn't — loans. And Frances excelled in selling loans.
However, when the government rolled out the Troubled Asset Relief Program (TARP), his competitive advantage was destroyed. Other banks had started extending credit, and his pipeline was gone overnight.
He didn't give up, though. Instead, he thought of a new idea to get clients.
"With that, I needed to figure out a way to reinvent myself as a banker. I decided to do something no banker has done before — direct letters to people who are not clients who reside in properties in excess of $5 million."
Frances worked with Deutsche's legal and compliance to draft the letter. He sent out 2,000 and received two responses. One of those responses was from Sergey Grishin, a Russian billionaire...
http://www.businessinsider.com/sg-financial-dovi-frances-profile-2014-4#ixzz2yhlr6GnX
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