But like many other bankers these days, Manas wanted to strike out on his own.

That leaves Evans, 45, to take the reins of Deutsche's M&A effort at a difficult time. But he sees plenty of opportunity. For one thing, Evans says it's much easier these days to get access to potential clients.

"The level of dialogue has never been greater" he says. The challenge, of course, is turning that dialogue into action. "If you're looking to monetize the dialogue this quarter, you're in the wrong business. This is a long-term investment."

At Deutsche, he recently advised brewer InBev in its $50 billion deal for Anheuser-Busch, and pharmaceutical giant Eli Lilly and Co. in its $6.5 billion acquisition of ImClone Systems Inc.

These days, Evans says most discussions with clients involve refinancings and balance sheet restructurings.

And while some look at M&A, few, outside hot sectors such as healthcare, are willing to pull the trigger. "Deals are certainly more difficult to get done," he says. "What drives M&A over time is CEO confidence, and its tough for a CEO to have that confidence right now."