Deutsche Bank Reorganizes Asian Investment Bank After Cuts
(Bloomberg) -- Deutsche Bank AG is reorganizing its investment bank in Asia, by folding its financing and structured debt operations into the division and continuing with job cuts.
James McMurdo, the former regional head of corporate and investment banking, will become vice chairman of investment banking, according to an internal memo. The firm also cut about two dozen investment banking jobs this week, said a person familiar with the matter, asking not to be identified as the information is private. A representative for Deutsche Bank declined to comment.
The new set-up of Deutsche Bank’s Asian investment bank is part of a sweeping restructuring unveiled by Chief Executive Officer Christian Sewing one month ago that includes 18,000 job cuts by the end of 2022 and will decrease the lender’s reliance on securities trading. While Sewing has said that all regions where the bank operates will be hit by the cuts, he’s also highlighted Asia as a focus for growth.
The Asian reorganization comes as Sewing exits equities trading and has taken over control of the investment bank following the exit of Garth Ritchie. He also replaced three management board members and set up a leadership team below the board known as group management committee. The bank has since been rolling out the new management reporting lines below that level.
Asia as a region is led by management board member Werner Steinmueller, whose contract expires in twelve months. Steinmueller has indicated he won’t seek a renewal as he will be 66 years old by then.
Along with the reorganization, the bank also announced eight appointments in financing and debt capital markets in Friday’s memo. These include Haitham Ghattas and Sid Hari, who were named as head of capital markets for Asia-Pacific and head of financing for Greater China, respectively. The two executives previously focused on financing solutions and structured credit at Deutsche Bank.
Also appointed were new heads of investment banking across different Asian countries, including Qiong Wu in China, Rowena Chu in Hong Kong and Alex Cartel in Australia.
Other senior appointments:
- Tim Eastwood -- head of financing Australia
- Rahul Chawla -- head of financing India
- Birendra Baid - head of financing Southeast Asia and head of loan syndicate Asia
- Mayooran Elalingam -- head of M&A Asia-Pacific and diversified industries group
- Nicholas Moreira - head of margin financing APAC
- Richard Finlayson - head of asset finance APAC
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