“IFRS9 is the single biggest driver of sales of
unlikely-to-pay loans”
ALVAREZ & MARSAL’S HARISH KUMAR ON ITALIAN LOAN SALES, P21
Deutsche APAC equities head quits
DEUTSCHE BANKSû!SIA
0ACIlCûEQUITIESûHEADû
James Boyle has resigned, two years after he
was brought in to help rebuild the bank’s
formerly dominant global markets division.
His departure comes shortly after chief
executive Christian Sewing announced
major global staff cuts as the bank looks to
turn the corner after three successive years
of losses.
Boyle was poached from Citigroup in July
2016 to run Deutsche’s equities business in
the region. He was promoted in February
2017 to co-head of global markets for APAC
alongside David Lynne.
Prior to his resignation, he was again
serving as global equities head for APAC
FOLLOWINGûAûRESHUFmEûLASTûYEAR ûWHICHûSAWû
THEûEQUITIESûANDûlXEDûINCOMEûTRADINGû
divisions move into the corporate and
investment bank.
Boyle joined Deutsche during a tough
period marked by heavy losses and
litigation.
!û53BNûSETTLEMENTûWITHûTHEû53û
Department of Justice in December 2016
over an investigation into claims
Deutsche missold mortgage securities
failed to draw a line under its problems,
and John Cryan was ousted as CEO earlier
this year.
The bank slashed bonuses 77% to to
õMû53M ûINû ûWHICHûRIVALû
bankers said had led to an exodus of some
top talent.ASIA EXITS
In Asia, Neil Hosie, who was head of equity
trading for APAC, and Patrick Kelly, who led
facilitation trading, both left for Credit
Suisse and were among the most senior
departures.
Boyle brought in senior staff, particularly
from Citigroup. Angus Yang and Richard
Chung both joined from the US bank as
head of synthetic equity for APAC and head
of trading for APAC respectively.
Rival bankers say Deutsche has struggled
to regain the dominant position it once
held in global markets under the leadership
of Boon Chye Loh, however.
$EUTSCHEûRANKEDûTHIRDûLASTûYEARûINûlXEDû
income, currencies and commodities in theregion, down one place from a year earlier,
while in equities it remained between
seventh and ninth, according to data from
Coalition.
Sewing plans to cut at least 7,000 jobs
globally. In May, however, he reassured
staff during a townhall meeting in
Singapore that the bank remained
committed to the region.
Reuters previously reported that
Deutsche was planning cuts of more than
100 jobs in its Asian investment banking
division.
Last month, Deutsche lost Bruce
MacDiarmid, its co-head of corporate
lNANCEûINû!USTRALIA ûANDû+EYVANû:OLFAGHARI û
its Hong Kong-based head of capital
markets solutions for APAC, to Goldman
Sachs.
Other recent departures include May
Chan, formerly head of South-East Asia
debt origination; Sanjay Sharma, head of
India equity capital markets; and David
Zhu, head of loan syndications for North
Asia.
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