Deutsche Bank AG is trimming onshore sales and derivatives coverage in its Asia-Pacific equities business and is laying off an unspecified number of employees as part of the move, Bloomberg News reported, citing a person familiar with the matter.
The move is part of the German bank's plan to prioritize its prime finance clients and focus on its electronic equities business in the region, its Asia-Pacific head of equities, James Boyle, said in an internal memo seen by Bloomberg.
As part of the changes, Asia-Pacific head of prime finance sales Marlon Sanchez will take on additional roles as head of hedge fund complex for the region and head of institutional clients group in Hong Kong, while Richard Chung was appointed co-head of Asia-Pacific equity execution, along with Hani Shalabi, according to the June 7 report.
Chung replaces Nick Silver, who is leaving Deutsche Bank to join Credit Suisse Group AG as its head of equities for Japan, people familiar with the matter earlier told Bloomberg.
Paddy Hogan will become head of Deutsche Bank's Asia-Pacific equity sales, in addition to his existing role as head of equities for Japan. Nilesh Navlakha will step down as head of Asia-Pacific equity sales to focus on the lender's South and Southeast Asia business and on running its Singapore equities platform.
Deutsche Bank also appointed Claire Arnaudo an expanded role of head of structured solutions for the region. John Key was appointed to the newly created role of head of high-touch sales trading for Asia, while Angus Yang was named head of prime finance and Delta One, among other executive changes, Bloomberg added.
Mia Popplewell, a spokeswoman for Deutsche Bank, confirmed the contents of the memo but declined to comment on the layoffs, the report noted.
The change is part of Deutsche Bank's restructuring drive as it seeks to revive profits following years of turnaround plans.
