Deutsche Bank Said to Name McMurdo to Run Asia Investment Bankby , , and
Deutsche Bank AG is set to name James McMurdo to run corporate and investment banking in Asia Pacific as the lender reshuffles senior management in the securities unit, people familiar with the plan said.
McMurdo, who runs the firm’s Australian unit, will probably relocate to Hong Kong, said one of the people, who asked not to be identified because the details are private. An announcement on the remaining management changes in investment banking and trading could come as soon as today, one of the people said. Deutsche Bank declined to comment.
Deutsche Bank, which runs Europe’s largest investment bank, is replacing executives who helped build the business as it prepares to cut its client list by half and retreat from activities around the world. In a bid to curb costs, co-Chief Executive Officer John Cryan is cutting jobs and weighing reducing the bonus pool for its investment bank by as much as 500 million euros ($537 million), people with knowledge of the discussions have said.
Deutsche Bank promoted Jeff Urwin, who joined from JPMorgan Chase & Co. earlier this year, as the head of a newly formed corporate and investment bank unit that will include transaction banking.
The bank also hired Alasdair Warren from Goldman Sachs Group Inc. as head of corporate and investment banking in Europe, a person with knowledge of the matter said earlier this month.
Garth Ritchie, the head of equities, is becoming head of a separate markets unit.
The bank plans to name Ram Nayak as its global head of fixed income and currency trading division, according to a person familiar with the matter earlier this month.
Nayak, who is based in London, worked at Credit Suisse Group AG before joining Deutsche Bank in 2009 as head of global markets structuring. In his new role he will report to Ritchie, said the person, who asked not to be identified because the promotion hasn’t been made public.
Thomas Patrick, who leads equity trading in North America, is set to become head of the global equities business, a person familiar with the matter said earlier this month.