Deutsche Bank AG's (DBKGn.DE) global head of media and telecommunications, David Pearson, sent an internal memo to employees on Tuesday announcing two senior promotions within the German bank's U.S.-based investment banking team, according to a person familiar with the matter. Prem Parameswaran has been appointed to Americas head of media and telecom investment banking, while Malcolm Morris has been named vice chairman, Americas media investment banking. Parameswaran is replacing Don Birchenough, who left Deutsche Bank in May to join Credit Suisse Group AG (CSGN.VX) as co-head of the technology, media and telecom M&A group in the Americas in New York. With 20 years experience in the telecom industry, Parameswaran has been integral in building Deutsche Bank's franchise, heading up the emerging telecom sector and more recently, managing Americas telecom. Since he joined in 2003, his accounts have included AT&T Inc (T.N), Paetec (PAET.O), RCN and Frontier (FTR.N).
AT&T Inc. is a holding company. The Company is a provider of telecommunications services in the United States and worldwide. Shares of T traded higher by 4.15% or $1.15/share to $28.85. In the past year, the shares have traded as low as $26.20 and as high as $31.94. On average, 23930300 shares of T exchange hands on a given day and today's volume is recorded at 76601312.
PAETEC Holding Corp. (PAETEC) is engaged in providing large, medium-sized and small business customers in metropolitan areas with a package of integrated communications services, which includes data services, including broadband Internet access services and virtual private network (VPN) services, and voice services, including local telephone services and domestic and international long distance services. Shares of PAET traded higher by 6.35% or $0.29/share to $4.86. In the past year, the shares have traded as low as $3.00 and as high as $5.39. On average, 2052560 shares of PAET exchange hands on a given day and today's volume is recorded at 7729602.
Frontier Communications Corporation (Frontier) is a communications company providing services predominantly to rural areas and small and medium-sized towns and cities. Shares of FTR traded higher by 7.85% or $0.5/share to $6.87. In the past year, the shares have traded as low as $6.29 and as high as $9.84. On average, 12301100 shares of FTR exchange hands on a given day and today's volume is recorded at 35307320.
