Deutsche Sees Turnover of Bankers in Asia
Investment bankers are leaving Deutsche Bank in Hong Kong and Singapore in droves, many of whom are decamping to rivals. At the same time, the bank has been hiring replacements.
Score of investment bankers are leaving Deutsche Bank in Hong Kong and Singapore, as scandals and cost-cutting exercises have dented employee morale, news wire «Bloomberg» reported, citing unnamed sources at the bank.
According to «Bloomberg», almost 50 bankers, which make up about 30 percent of its investment banking workforce, have left in the past six months. This number includes eight managing directors and about a dozen directors, many of whom have joined the bank’s rivals.
«Intentional Restructuring»
Speaking to finews.asia, a media representative for Deutsche Bank in Singapore declined to comment on the departures, but highlighted the bank’s intentional strategic restructuring and the fact that 35 bankers were hired during the same period.
The past year has been one to forget for CEO Christian Sewing, who took over in April amid ongoing operational problems. The bank’s Q3 earnings report indicated a 65 percent decline in net income, its lowest in eight years. In November, prosecutors raided its Frankfurt headquarters and five other offices in connection with money laundering investigations related to the Panama Papers.
On Thursday, the bank, along with Credit Agricole and Credit Suisse, was charged by European Union regulators for being in a bond trading cartel, Reuters reported.
