Deutsche Bank overhauls its Asian investment bank

HONG KONG • 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.

Mr James McMurdo, the former regional head of corporate and investment banking, will become vice-chairman of investment banking, said an internal memo.

The firm also cut about two dozen investment banking jobs last week, said a person familiar with the matter, asking not to be identified as the information is private. A Deutsche Bank representative declined to comment.

The new set-up of the Asian investment bank is part of a sweeping restructuring unveiled by chief executive officer Christian Sewing a month ago that includes 18,000 job cuts by the end of 2022 and will reduce the bank's reliance on securities trading.

While Mr Sewing has said all regions where the bank operates will be hit by the cuts, he has also highlighted Asia as a focus for growth.

The Asian reorganisation comes as he exits equities trading. He has taken over control of the investment bank following the exit of Mr Garth Ritchie.

The new set-up of the Asian investment bank is part of a sweeping restructuring unveiled by chief executive officer Christian Sewing a month ago that includes 18,000 job cuts by the end of 2022 and will reduce the bank's reliance on securities trading.

Mr Sewing 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 12 months. Mr Steinmueller has indicated he will not seek a 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 in Friday's memo. These include executives 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 previously focused on financing solutions and structured credit. Also appointed were new heads of investment banking across different Asian countries.

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A version of this article appeared in the print edition of The Straits Times on August 12, 2019, with the headline 'Deutsche Bank overhauls its Asian investment bank'. Print Edition | Subscribe