Deutsche Bank AG is merging its financing and structured debt operations in Asia into its investment banking division, while continuing to cut jobs, Bloomberg News reported Aug. 9, citing an internal memo.
James McMurdo, former regional head of corporate and investment banking, was named vice chairman of investment banking, according to the report.
The bank also appointed Haitham Ghattas and Sid Hari head of capital markets for Asia-Pacific and head of financing for Greater China, respectively. The pair previously focused on financing solutions and structured credit.
Deutsche Bank also appointed new heads of investment banking across different Asian markets, including Qiong Wu in China, Rowena Chu in Hong Kong and Alex Cartel in Australia.
The bank also cut about two dozen investment banking jobs in the week of Aug. 5, according to a person familiar with the matter.
The reorganization is part of the bank's overall restructuring that includes 18,000 job cuts by the end of 2022 and reducing the bank's reliance on equities business.