Deutsche Bank’s new co-CEOs for Asia-Pacific, Gunit Chadha and Alan Cloete, who took up their new jobs on Friday last week, have kick-started their tenure by making three senior appointments within the corporate banking and securities division in the region. They have also named a new executive committee for the region, expanding the number of members from 15 to 20.
Corporate banking and securities, which comprises the markets and corporate finance divisions, makes up a huge part of Deutsche’s business in Asia-Pacific and last year accounted for 88% of the revenue. It is also becoming increasingly important in a global context and in 2011 contributed 18% of the revenues for the corporate banking and securities division globally.
Michael Ormaechea will become head of fixed income, currency and commodities (FICC) and equities, expanding his previous roles as head of FICC and head of markets for Australia and New Zealand. Since Ormaechea took over as head of FICC in 2010, that business has consistently ranked number one in the region (by a Euromoney survey) with a market share of more than 20% in foreign exchange, and the commodities business has more than doubled in size, according to an internal Deutsche Bank memo. Now he is expected to apply that same magic to the equities business.
Bhupinder Singh has been named head of corporate finance and structuring. He was previously the Asia head of structuring and of the institutional client group across fixed-income and equities. Singh is known internally for the successful merger of the debt and equities sales teams, which has created one of Asia’s most successful institutional coverage teams. He also integrated the firm’s structuring platform to create the single biggest product development and client solutions markets platform in Asia, the memo said. In his new role, Singh will head up the bank’s corporate coverage, capital markets and investment banking businesses in the Asia-Pacific region.
Marzio Keiling will take on the role as head of the institutional client group. He has been head of global capital markets for Asia-Pacific since 2010, overseeing the firm’s rise to the top spot in the IPO league table for Asia-Pacific in both 2011 and 2012 year-to-date.
The three new appointments will all have an Asia-Pacific remit and together they will effectively replace Loh Boon Chye, who was head of corporate and investment banking (CIB) for Asia-Pacific and was viewed as the top contender for the regional CEO job when Rob Rankin was promoted to global co-head of corporate banking and securities, effective June 1. However, Loh turned down the offer and instead chose to leave Deutsche after 17 years with the firm, paving the way for the promotion of Chadha and Cloete.
CIB includes corporate banking and securities as well as global transaction banking.
Ormaechea, Singh and Keiling were already part of the regional executive committee and will obviously retain their seats. Chadha, who was also already a member, will co-chair the committee together with Cloete, who being new to the region is a new appointment. Before being promoted to co-CEO, Cloete was based in London and was head of global finance and foreign exchange, which is the biggest income-producing division within the investment bank globally. Chadha was CEO for India and based in Mumbai. In their new roles, Chadha will be based in Singapore, while Cloete will have his office in Hong Kong.
The other new members to the Asia-Pacific executive committee are:
Chandra Mallika, chief operating officer; Asia-Pacific
David Lynne, head of global finance, foreign exchange, rates and commodities, Asia;
Lisa Robins, head of global transaction banking, Asia Pacific;
Vincent Choo, chief risk officer, Asia Pacific; and
Michael West, head of communications, Asia-Pacific.
Keeping their seat on the committee are:
Ravi Raju, head of private wealth management, Asia-Pacific;
Boris Liedtke, head of asset management, Asia-Pacific;
John Macfarlane, executive chairman and CCO, Australia & New Zealand;
Henry Cai, chairman of corporate finance, Asia;
David Hatt, president and CEO, Japan;
Robert Vogtle, CFO, Asia-Pacific;
Karen Bell, head of group technology & operations, Asia-Pacific;
Noel Hadden, head of human resources, Asia-Pacific;
Joe Longo, general counsel, Asia; and
Andrew Hume, head of compliance, Asia-Pacific.
The members of the executive committee are effectively the people who are responsible for Deutsche Bank’s profit and loss account in Asia-Pacific and the list gives a good indication of how the bank is structured across the region. Notably, there are only three women on the committee.
The Asia-Pacific appointments come after Rob Rankin and Colin Fan, who formally took on their new jobs as co-heads of corporate banking and securities on Friday, named a new global executive committee within the corporate banking and securities division.
Ormaechea and Singh are the only two representatives from Asia on the global committee, although Rankin will no doubt continue to act as a third voice on behalf of the region, having spent 12 years here. And Fan, who was most recently global head of credit trading and emerging markets, was head of Asian equities before he moved to London in 2008.
Rankin and Fan are replacing Anshu Jain who, together with Juergen Fitschen, on Friday formally stepped up to become co-CEO of Deutsche Bank as a whole, following the retirement of Josef Ackermann.
Ormaechea joined Deutsche Bank in 1995 and in 2006 he was appointed head of the markets business in Australia and New Zealand, which under his leadership has grown into a market leader in terms of market share across all asset classes. Prior to joining Deutsche he worked with Westpac in Australia and London.
Singh joined Deutsche Bank in the global rates structuring group in 2000 and moved to Asia in 2008. He came to Deutsche from Merrill Lynch in India, where he worked from 1999 to 2000. Singh is a communications engineer by trade.
Keiling has been with Deutsche Bank since 1996 and has held various senior roles, including co-head of securitised products, head of ICG for Europe, and co-head of debt capital markets for Europe. Prior to becoming head of global capital markets for Asia-Pacific in 2010 he was head of global markets in Japan from 2008 to 2010.