Investment Banker Exodus Hits Deutsche Bank in Hong Kong, Singapore
- About 50 bankers have left in H.K., Singapore since May
- CEO said in May that he wants to remain “strong” in Asia
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Deutsche Bank AG, the German lender that’s 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.
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.