Deutsche Bank Sees Tokyo Equities Managing Directors Depart
(Bloomberg) -- Deutsche Bank AG has seen recent high-level departures in equities-trading at its Tokyo office, according to two people with knowledge of the matter.
Managing director Sean McCarthy, who worked in prime finance in Japan, and Eduardo Romaneiro, an MD in equity sales and trading, have left the firm, the people said, asking not to be identified because they’re not authorized to speak on the matter. Naji Richa, who worked in sales and trading, has also departed, the people said.
Deutsche Bank declined to comment, while the bankers weren’t immediately available to comment.
Chief Executive Christian Sewing has signaled he’ll make significant cuts to the securities unit after his previous turnaround plan, unveiled just last year, failed to boost profitability. The plan is likely to include deep cuts to its global equities unit, people with knowledge of the matter have said. The bank’s New York-based equities unit also saw high-level departures earlier this year, including co-head of global equity trading Brad Kurtzman.
The cuts would come on top of a 25% headcount reduction in the equities unit last year as part of Sewing’s first turnaround plan. The unit, led by Peter Selman, made a loss of about $750 million last year, people familiar with the matter have said.
Deutsche Bank fell to a record low on Monday amid a slump in European banking stocks. Shares were below 6 euros ($6.70) for the first time as the market awaits the new plan. The investment banking unit, run by Garth Ritchie, has long been one of the biggest headaches for the German lender.
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