Deutsche Bank Asia-Pacific Executive to Leave

A senior Deutsche Bank AG executive in Asia-Pacific is leaving the bank, according to people familiar with the matter, the latest in a string of departures at the German lender this year.

Bhupinder Singh, co-head of corporate banking and securities for Asia-Pacific, will leave in several months, one of the people said. The bank will announce his replacement in due course, the person added. The corporate banking and securities division at Deutsche Bank includes investment-banking activity such as mergers and acquisitions as well as sales and trading.

Mr. Singh, who is based in Singapore, ascended to his most recent position in August 2013. He had previously served as head of corporate finance and structuring for Asia-Pacific. A spokeswoman declined to make Mr. Singh available for comment.

The news of Mr. Singh's planned departure comes ahead of new co-Chief Executive John Cryan's upcoming visit to the region. Mr. Cryan will visit Asia in the next couple of weeks, the people said, as he reviews businesses and strategy around the world.

Mr. Cryan succeeded Anshu Jain on July 1, while his co-CEO Jü rgen Fitschen is due to leave his post next May. Mr. Cryan took over after the bank faced regulatory penalties and pressure from shareholders to improve performance. He said earlier he would take the summer and fall to examine how to cut costs.

Deutsche Bank's Asia-Pacific division has recently seen a shake-up in which two corporate finance executives were put on leave for compliance-related reasons, according to people familiar with the matter. Mr. Singh's departure isn't related, one of the people familiar with the matter said.

Deutsche Bank, which ranks sixth so far this year among banks for global investment-banking revenues, according to Dealogic, isn't as big in the Asia Pacific region. Its investment-banking net revenue, according to Dealogic, totals US$223 million in the Asia Pacific region so far this year, putting it in 10th place among investment banks, and trailing market leaders like Morgan Stanley, UBS Group AG and Goldman Sachs Group Inc. Last year, with US$285 million in revenue in the same period, it was in eighth place.

Write to Julie Steinberg at [e-mail]

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August 21, 2015 09:15 ET (13:15 GMT)

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