The Asian reorganisation comes as the Chief Executive Officer exits equities trading and has taken over control of the investment bank following the exit of Garth Ritchie.
Wednesday 14, August 2019
Deutsche Bank is reorganising its investment bank in Asia, by folding its financing and structured debt operations into the division and continuing with job cuts, reported Bloomberg.
James McMurdo, the former Regional Head of Corporate and Investment Banking, will become Vice Chairman of Investment Banking, the firm is said to have laid off about two dozen investment banking employees last week.
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.
He also replaced three management board members and set up a leadership team below the board known as the 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 will not seek renewal as he will be 66 years old by then.
Along with the reorganisation, the bank also announced eight appointments in financing and debt capital markets. 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.
Additionally, 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.