Deutsche Bank Faces More Senior Departures in Japan
Deutsche Bank Faces More Senior Departures in Japan
(Bloomberg) -- Deutsche Bank AG’s top Japan dealmaker and Tokyo branch head have resigned, the latest senior managers in the country to leave the German firm, according to people with knowledge of the matter.
Keisuke Sueyoshi, 46, head of mergers and acquisitions at Deutsche Securities Inc. in Tokyo, will formally depart later this year to join a competitor, the people said, asking not to be identified because there hasn’t been any announcement. Peter Massion, Tokyo branch manager and head of global transaction banking for Japan, is also leaving to pursue other opportunities.
Deutsche Bank has lost several senior executives in Japan in the months since Christian Sewing became chief executive officer. Sewing has pledged to restore profitability at Germany’s biggest bank by cutting costs and focusing more on its home market.
Japan COO Bret Dandoy, 54, retired at the end of August, and Chairman Norimichi Kanari, 71, stepped down from his post in June but will stay as a senior adviser until mid-2019, the people said. Country head Makoto Kuwahara is leaving to join Credit Suisse Group AG in November, while local asset management chief Daisuke Toki resigned in June to pursue opportunities outside of the group.
Massion’s departure was announced in an internal memo seen by Bloomberg News. Tokyo-based spokeswoman Atsuko Yoshitsugu declined to comment on his and Sueyoshi’s moves. She confirmed Dandoy and Kanari’s resignations after the brokerage removed their names from its board member list on its website. Tamio Honma is replacing Kuwahara as Japan head, the company said in August.
Some Japan research employees also left the firm earlier this year, including chief foreign exchange strategist Taisuke Tanaka. Others including Japan head of foreign-exchange sales Tomoo Onishi have left to set up a cryptocurrency exchange.
Deutsche Bank is ranked 12th among advisers on mergers and acquisitions in Japan this year, data compiled by Bloomberg show.
To contact the reporter on this story: Takahiko Hyuga in Tokyo at thyuga@bloomberg.net
To contact the editors responsible for this story: Marcus Wright at mwright115@bloomberg.net, Russell Ward
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