Deutsche hires Michael Lam from Credit Suisse

Michael Lam is to join Deutsche Bank as head of North Asia debt capital markets origination, sources say.

He is expected to start after a three-month gardening leave and will report to Patrick Tsang, head of cross-border debt capital markets (DCM) for Asia ex-Japan. Lam will be based in Hong Kong.

Up until now, Lam has been responsible for DCM coverage for Southeast Asia at Credit Suisse where he reports to Derek Armstrong, head of Asia DCM. Lam has held this post since 2007. Prior to this he was with Nomura.

The news of his departure comes only two weeks after Credit Suisse announced the hire of Hital Desai from Goldman Sachs to boost the capacity on its debt syndicate desk.  At the same time, the bank said it will transfer Devesh Ashra from Credit Suisse in New York to head up the Asia debt syndicate desk, following the departure of Peter Pellicano in March. It is not known who will replace Lam.

For Deutsche, the hire of Lam comes in conjunction with the internal transfer of David Greenbaum, who was previously posted in the bank's New York office as head of leveraged debt capital markets and high-yield origination.

Greenbaum will take on the job as head of South Asia DCM origination. He will be based in Singapore and will also report to Tsang.

Deutsche Bank has been quiet regarding new hires for its DCM operations since the departure of Michael Luk in March. Luk who was head of Asia fixed-income capital markets and Asia leveraged debt capital markets at Deutsche, is taking the job as head of Asia-Pacific DCM at Bank of America Merrill Lynch. His departure was followed a few weeks later by the resignation of Jimmy Choi and Kang-Jae Kim from Deutsche. Choi was head of Asia high-yield capital markets, while Kim had responsibility for high-grade bond origination in the region and, according to sources, Choi and Kim are following their old boss to BoA Merrill.

Deutsche Bank declined to comment on the hire of Lam.