(Bloomberg) -- Deutsche Bank AG appointed Richard Chung as head of equities for the Asia-Pacific region, filling a key position as it overhauls its stock business in a bid to revive profit.
Chung, who was previously co-head of equity execution in the region, replaces James Boyle, who resigned this month amid the global restructuring. Two other executives, Paddy Hogan and Marlon Sanchez, were named as co-heads of the institutional clients group for Asia-Pacific equities, according to a company memo.
Deutsche Bank is cutting onshore sales and derivatives coverage in individual markets across Asia-Pacific as part of the revamp of its equities business, a person familiar with the matter said last month. Chief Executive Officer Christian Sewing has unveiled significant cuts to the German bank’s equities and corporate finance units, vowing to shed at least 7,000 jobs worldwide.
Hogan will retain his existing responsibilities as head of equities for Japan, the memo showed. Sanchez remains head of hedge fund complex for the region, and head of the institutional clients group for Hong Kong.
Chung has 20 years of experience and spent almost 15 of those trading in Hong Kong, Singapore and Tokyo, according to the memo. Amy Chang, a Hong Kong-based spokeswoman at the bank, confirmed the contents of the document.
Boyle’s departure came a month after he led a reshuffle in the division to focus on prime finance and electronic equities business. Other recent departures in the division included Nick Silver, co-head of equity execution in the region, Carolyn Tan, head of Asian equity sales in Singapore, and Isabella Kwok, head of Hong Kong and China sales.
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