(Bloomberg) -- Deutsche Bank AG’s head of equities for the Asia-Pacific region, James Boyle, resigned after two years at the German lender, according to a copy of an internal memo seen by Bloomberg.
Boyle, who joined Germany’s biggest bank from Citigroup Inc., is leaving to pursue other opportunities, according to a memo that was confirmed by the bank. Deutsche Bank is implementing a plan to shed at least 7,000 jobs as it cuts back from markets from Wall Street to the Middle East in order to focus more on its European clients.
He’s at least the third managing director in Asia to quit the company this week. That’s after James Thomson, who is based in Hong Kong, and Jakarta-based Kunardy Lie both left, according to people with knowledge of the matter.
Boyle, based in Hong Kong, was a significant hire as then-Chief Executive Officer John Cryan attempted to resuscitate Deutsche Bank’s slumping equities business. A former executive at hedge fund Citadel LLC and Merrill Lynch & Co., he joined Citigroup in 2012 and became global head of equity derivatives two years later.
At Deutsche Bank, Boyle helped lead the lender’s equity derivatives unit, which trades in contracts that derive their value from underlying stocks, and later became co-head of all markets businesses for the Asia Pacific region. Yet overall revenue from equities continued to tumble, declining year-on-year in every quarter during his tenure.
Cryan was ousted in April during a power struggle that resulted in Christian Sewing taking over. Deutsche Bank last month warned investors that it would probably report another quarter of declining revenue in April to June as it scaled back its investment-banking operations and cut jobs.
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