After more than two decades with the bank Deutsche Bank's top man in Australia is set to retire. The German lender has named co-heads to take on other roles he had managed.
Michael Ormaechea (pictured below), who has held dual roles as Deutsche's Head of Global Markets in Asia Pacific and Chief Country officer for Australia, will leave the bank to spend more time with his family, according to a report from Australian publication «AFR» (Paywall).
Ormaechea took over the top Australasian role against a backdrop of global strife for Germany’s top bank.
The report also noted that David Lynne and James Boyle would become co-heads of global markets in Asia Pacific while maintaining their responsibilities for Fixed Income & Currencies APAC and Equities APAC respectively, from February 1 2017.
Ormaechea, who has spent 22 years with Deutsche, only took on the top post covering Australia and New Zealand in February 2016, when he replaced James McMurdo who is now based in Hong Kong where since January 2016 he has been heading up Deutsche’s Asia-Pacific corporate and investment banking business.
In November, McMurdo was promoted to head Deutsche’s Asia-Pacific corporate and investment bank, ending a short two-year stint as Australia chief after John Macfarlane retired in 2013.
Late last year under Ormaechea Deutsche pulled the plug on its private wealth management business in Australia.
