Deutsche Bank Said to Lose 26 Junior Bankers in Asia This – Bloomberg

Deutsche Bank AG (DBK) lost about 26
junior bankers in Hong Kong over the past four months, the
biggest number of such departures from the firm in Asia in at
least five years, two people with knowledge of the matter said.

The employees, including four directors and four vice
presidents, began leaving voluntarily in late February after
receiving their bonuses, the people said, asking not to be named
because the matter is private. The departures came as Deutsche
Bank added nine managing directors over the past 12 months in
Asia, said Michael West, a Hong Kong-based spokesman.

Management changes and shrinking investment-banking revenue
from China contributed to the exits, one of the people said.
Frankfurt-based Deutsche Bank, whose ranking for underwriting
debt and equity in Asia dropped since 2012, has fewer junior
bankers to help execute deals as securities firms worldwide
grapple with how to attract and retain young talent.

“The total number of bankers in our Asia-Pacific business
will not vary significantly if at all year on year,” said West,
declining to comment on the number of staff who left. The
“turnover in banking was well within the single-digit
percentage range.”

About four junior bankers were also dismissed, taking those
who left, including associates and analysts, to 30, one of the
people said.

The junior bankers, most of whom focused on China deals,
included about three from the debt capital markets division,
according to the people. Michael Lam, who was a director of
fixed-income capital markets for Asia, was among those who left,
the people said. Lam declined to comment.

Management Shuffle

Following a management shuffle two years ago, Deutsche Bank
has been led in Asia by Gunit Chadha, former chief executive
officer for India, and Alan Cloete, previously head of global
finance and foreign exchange. They replaced Robert Rankin, who
moved to Europe to become co-head of the investment bank.

Two China-focused managing directors have also left the
firm since May. Qian Jing, co-head of China investment banking,
resigned last month to join Morgan Stanley as a managing
director, and Ian Long, head of China equity capital markets,
quit in mid-June, the people said.

Deutsche Bank is ranked ninth among managers of share sales
in the Asia-Pacific region this year, the same as 2013 and down
from eighth in 2012, data compiled by Bloomberg show. China
share sales made up 40 percent of the $204 billion in offerings
by companies in Asia over the past 12 months, the data show.

The German bank is ranked fifth in underwriting bonds
denominated in U.S. dollars, euros and yen for the Asia-Pacific
region excluding Japan in 2014 and last year, down from fourth
in 2012, according to the data. Among advisers on mergers, the
firm rose to sixth this year from ninth in 2013, the data show.

Senior Hires

Deutsche Bank’s recruitment of nine managing directors over
the past year marked “one of its largest ever investments in
senior banking hires” in Asia, West said. In the past six
months, it recruited three managing directors in China,
including Larry Chi, who will start in September as head of
corporate banking and securities for the country, West said.

The two other managing directors are Gao Yiwen, formerly
with UBS AG, and Kevin Ma, who will focus on financial
institutions coverage, two people with knowledge of the matter
said. Sean Cai, previously with HSBC Holdings Plc, and Vivien Gui, a former Morgan Stanley banker, were hired as directors,
one of the people said.

To contact the reporter on this story:
Cathy Chan in Hong Kong at
kchan14@bloomberg.net

To contact the editors responsible for this story:
Chitra Somayaji at
csomayaji@bloomberg.net
Russell Ward

Deutsche Bank Said to Lose 26 Junior Bankers in Asia This – Bloomberg}

Leave a Reply

Your email address will not be published. Required fields are marked *