Deutsche Bank, struggling to enact a turnaround, has seen a surge in turnover among investment bankers in Asia since May, as cost-cutting and sinking morale has prompted dealmakers to leave, people with knowledge of the matter said.
Bloomberg News reports that almost 50 bankers in Hong Kong and Singapore have left in the past six months, or about 30% percent of the investment-banking workforce before the departures, said the people, who asked not to be named because the matter isn’t public. Eight managing directors and roughly a dozen directors have gone, they said. Deutsche Bank hired about 35 bankers in the two financial hubs recently to replenish its ranks, though the new staffers are more junior, one of the people said.
Turbulence in the ranks of dealmakers, in a region where fees have increased much faster than elsewhere over the past five years, underscores the uphill battle facing CEO Christian Sewing as he tries to arrest a slide in revenue. Deutsche Bank’s tumbling stock, a string of scandals and a global drive to cut costs have dented employee morale, current and former bankers in Asia said.
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