JPMorgan has rehired a London-based investment banker from Goldman Sachs to lead its mergers and acquisitions business in Frankfurt, as Wall Street banks continue to exploit their domestic rivals’ woes in one of Europe’s key markets.

The US investment bank has named Patrik Czornik as head of M&A for Germany, according to an internal memo seen by Financial News. He returns to JPMorgan after just 16 months at Goldman Sachs, where he was a managing director in its European telecoms, communications and technology team.