Deutsche Bank has made David Lynne and James Boyle its new co-heads of global markets in Asia Pacific, splitting a job that was previously held by veteran banker Michael Ormaechea.
Lynne is Deutsche’s head of fixed income and currencies in Asia Pacific, while Boyle runs the bank’s equities team in the regionand serves as co-head of global equity derivatives. They will continue to hold these positions while combining to run the wider team, according to an internal memo seen by FinanceAsia. The promotions take effect on February 1.
The move brings a close to a lengthy career at Deutsche Bank for Michael Ormaechea. He had spent almost 22 years with the German lender, seven of which were in Asia Pacific. But Ormaechea, who was also chief country officer in Australia, decided to leave the bank to spend more time with his family according to the memo.
The memo was signed by Garth Ritchie, head of global markets, and Werner Steinmueller, Asia Pacific chief executive.
“We are grateful to Michael for his time dual-hatting in these two roles which required him to travel extensively throughout the region, often sacrificing his personal time,” the pair wrote.
A new Australia head will be appointed in the near future, the pair wrote.
There have been several high-level moves both in and out of Deutsche Bank’s Asian business over the last year. Steinmueller was picked as the bank’s Asia Pacific chief executive in July, replacing Gunit Chadha, who left the bank.
Steinmueller, who was previously global head of transaction banking, moved to Asia after a global restructuring of Deutsche. In 2015, the bank announced plans to cut 9,000 staff, as well as saying it would pull out of 10 countries. But New Zealand was the only country in the region that Deutsche has stepped away from.
Since then, Deutsche has lost some capital markets bankers. Guillaume du Cheyron, the firm’s head of high yield origination and execution for Asia, left in early August. Hemant Sabherwal, a senior equity syndicate banker, left a few weeks later.
But Deutsche has also made hires in capital markets. Ed Tsui, a JP Morgan debt banker, was hired as Deutsche’s head of Asia debt syndicate in July — a newly-created position at the German bank. Tsui reports to Jake Gearhart, head of debt syndication and origination in Asia Pacific. The bank also hired Simon Galvin from Goldman as equity syndicate head at the same time.
Deutsche Bank confirmed the content of the memo, but declined any further comment.
Additional reporting by Matthew Thomas.
Updates to correct spelling of a name and add information.