German financial firm Deutsche Bank has chosen a new corporate banking head for its Asia Pacific operations amid an institution-wide shakeup of its business-facing operations.
Reports in The Wall Street Journal late last week said James McMurdo will lead Deutsche Bank’s APAC corporate and investment banking unit. McMurdo will transfer to the position from his current role as chief executive of Deutsche Bank’s Australia and New Zealand arm. Previously, he worked at Goldman Sachs in the region as well.
[bctt tweet=”James McMurdo will lead Deutsche Bank’s APAC corporate and investment banking unit.”]
The appointment follows the decision by the bank to set up two committees to oversee its corporate and investment banking and global market units, as well as several other changes to the executive teams of its corporate banking operations.
Reports said much of this change is the result of John Cryan, the bank’s co-chief executive officer. Cryan is said to be shifting Deutsche Bank’s strategy amid changing regulations and weakening performance. The co-CEO is reportedly set to lead job cuts totaling 35,000 over the next two years, reports said.
One of its largest changes to date has been the decision to pull its corporate banking operations out of Russia and service its business customers in that nation from elsewhere. At the time, a statement from the bank said the move was part of an effort to reduce “complexity, costs, risks and capital consumption.”
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