In contrast with pullbacks by rivals, Deutsche Bank’s investment banking arm is expanding in Asia with senior hires, including in Hong Kong.
In the past four months, Deutsche Bank has hired 50 managing directors with close to one-third to be located in Asia, according to an «SCMP» report citing investment banking head Fabrizio Campelli.
Most of the new hires are based in Hong Kong, where the German lender is also growing its investment advisory team. They include ex-Morgan Stanley banker Samuel Kim, who has been named chairman of M&A for APAC, and ex-Credit Suisse banker Joe Lai, who joined as chair of origination and advisory for Asia.
Deutsche Bank’s expansion in the region contrasts with retreat by rivals, especially from Wall Street, amid a slump in the market environment. In June, Goldman Sachs reportedly kicked off a fresh round of investment banking job cuts in Asia that would affect 15 dealmakers while Citi could also offload 20 mostly junior roles.
«Global Hausbank»
Deutsche Bank’s strategy is called the ‘global Hausbank’ which aims for the German lender to be the first point of contact and one-stop shop for clients across all financial matters.
«We are believers in Asia, believers in Hong Kong, and we are growing this office as part of our ‘global Hausbank’ strategy,» said Campelli.
In 2022, Deutsche Bank generated 27.2 billion euros ($30.3 billion) in annual revenues. Asia Pacific accounted for 12 percent, making it the smallest region by revenue share.
