Bhupinder Singh Said to Be Exiting Deutsche Bank Asian RoleCathy Chan, Ambereen Choudhury and George Smith Alexander
Bhupinder Singh, Deutsche Bank AG’s co-head of Asia-Pacific corporate banking and securities, is leaving after two years in the role, people familiar with the matter said.
Singh will stay for a few months until a replacement is announced, one of the people said, asking not to be identified as the information is confidential. The Singapore-based banker declined to immediately comment when reached on his mobile phone, while Michael West, a spokesman for Deutsche Bank, declined to comment.
The departure is coming as Deutsche Bank revamps its operations globally. John Cryan, the co-chief executive officer installed in July, has signaled he’ll shrink an investment bank wrestling with more than 11 billion euros ($12 billion) of misconduct costs.
Deutsche Bank is experiencing instability in its leadership in the region, with its corporate finance co-heads put on leave in May. The bank’s ranking for arranging Asia Pacific equity offerings fell to 10th this year, from fourth in 2014, data compiled by Bloomberg show.
Douglas Morton, co-head of Asian corporate finance, was put on leave earlier this year after an internal investigation of fund transfers to the bank’s Chinese securities joint venture, people familiar with the situation said in July. Deutsche Bank’s other co-head of Asian corporate finance, Venky Vishwanathan, was also placed on leave for different reasons, people familiar with the matter said in May.
Singh was appointed to his current co-head role with Michael Ormaechea in August 2013. He was formerly Deutsche Bank’s head of corporate finance and restructuring in the region.
Germany’s largest bank is under pressure to overhaul its securities unit to respond to stricter capital rules and a slump in debt trading that eroded some of its most profitable businesses. Cryan has called costs “unacceptably high,” with a “continuing burden of heavy litigation charges.”
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