Nearly 50 investment bankers in Hong Kong and Singapore, including eight managing directors, parted ways with Deutsche Bank AG in the past six months, Bloomberg News reported Dec. 19, citing people with knowledge of the matter.
The bankers' departure came as the German lender has been struggling to contain a decline in revenues. Further, the bank's falling stock price, cost-cutting efforts and scandals have negatively affected the employees' morale, current and former banks in Asia told the news outlet. The departures represent about 30% of the bank's investment-banking workforce in the cities before the moves, the sources said. The departed employees also included about a dozen directors.
While Deutsche Bank recently added about 35 new bankers, including three managing directors and one director, in Hong Kong and Singapore to fill the vacuum, the new hires are mostly at a comparatively junior level, one of the sources told the outlet.
At least 20 of bankers in Hong Kong left Deutsche Bank to join rivals, including Goldman Sachs Group Inc., Credit Suisse Group AG and JPMorgan Chase & Co., according to sources and a Bloomberg analysis of data from the local securities regulator and LinkedIn profiles.