March 13 (Bloomberg) -- Deutsche Bank AG named Makoto Kuwahara as its Japan head to replace David Hatt, who is leaving the German lender, according to a company memo obtained by Bloomberg News.
Kuwahara, 40, will start as chief country officer on April 1 and will become president of Tokyo-based Deutsche Securities Inc., according to the document. Hatt, 50, led Deutsche Bank’s operations in the country for six years and leaves the franchise in a strong position, the memo said.
Deutsche Bank is among foreign firms that have been reducing payrolls in Japan as part of worldwide cuts amid stricter global regulations. At the same time, the Frankfurt-based firm has worked on cross-border takeovers such as Softbank Corp.’s agreement to buy Sprint Nextel Corp. for $20 billion, Japan’s largest deal last year.
Kuwahara, who joined Deutsche Bank in 1997, has held various senior management roles in Japan, including for global rates and credit businesses, the memo shows. He became head of markets in 2010. Kuwahara graduated from the University of Tokyo in 1995, according to the document.
Takayuki Inoue, a Tokyo-based spokesman, declined to comment on the contents of the memo. Hatt wasn’t immediately available to answer a phone call to his office.
Deutsche Bank is overhauling operations and boosting capital levels, the lowest among Europe’s biggest investment banks, to meet stricter rules. The firm cut at least 20 jobs in Tokyo in December in equities and investment banking, on top of about 45 positions eliminated three months earlier, people with knowledge of the matter said at the time.
The German bank was ranked sixth among financial advisers on mergers and acquisitions in Japan last year, according to data compiled by Bloomberg, helped by the Softbank deal. It was 10th among managers of share sales in Japan and 12th for arranging debt issuances, the data show.
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