The Frankfurt-based lender Deutsche Bank has plans to put a shutter to their Equity business in the Asia- Pacific region. The Bank will stop to offer trade of cash equities, equities research and may no longer underwrite initial public offerings in the region. This information was shared by an authorised employee of the bank who did not wish to be identified as this matter seems to be a private affair of the bank.
This closure is mainly due a new restructuring of the bank which is likely to be announced publicly by Sunday. Asia seems to be one of the bright spots for equity issuance revenue of the Deutsche Bank.
According to the informer, nearly half of the staff members of the Asia equities team are on their verge of leaving and the remainder employees may leave sometime later this year. The entire act is solely dependent on the final decision of the bank’s supervisory board meeting on Sunday. The person also added that Deutsche Bank may probably keep its margin lending business.
Christian Sewing, Chief Executive Officer of the supervisory board, has presented a far-reaching plan in which the equities of the bank trading outside Europe might dramatically shrink and perhaps even shut down. The supervisory board is convening to adopt this plan presented by the CEO. This news was shared in the past by the people who are familiar with the matter. The head of equities – Mr. Peter Selman is among the executives said to be leaving the bank.
Rumours are going around that some employees at the bank’s offices in Hong Kong have already packed their bags.
When contacted to the spokesperson of Deutsche Bank, he affirmatively declined to comment on this matter.
