Deutsche Bank is reorganizing its investment bank in Asia by folding its financing and structured debt operations into the division and is continuing with more job cuts.
James McMurdo, the former regional head of corporate and investment banking, will become Vice-chairman of investment banking, said an internal memo.
As per sources, the firm also cut about two dozen investment banking jobs last week. The new set-up of the Asian investment bank is part of the restructuring unveiled by CEO Christian Sewing a month ago that includes 18,000 job cuts by the end of 2022.
Though Mr Sewing stated that all regions where the bank operates will be hit by the cuts, he has 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.
In addition, the bank also announced eight appointments in financing and debt capital markets. 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. New heads of investment banking across different Asian countries were also appointed.
Deutsche Bank’s struggles mirror the wider struggling German banking sector that was once widely envied. As per a media report, last year, more than 32,000 jobs were slashed in the industry. These cuts have come on account of low-interest rates in the eurozone, sluggish economic growth, and competition from new online platforms.