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The three new best places to work at Deutsche Bank in Hong Kong and Singapore

It has not been the best few months to be a Deutsche Bank employee in Asia. In June, for example, Deutsche started cutting roles in Asian equities, as part of new CEO Christian Sewing’s plans to trim 7,000 jobs globally. And since Sewing’s took over in April, recruiters in Singapore and Hong Kong have noticed a surge in enquiries from anxious front-office staff at Deutsche.

It’s not all doom at Deutsche in Asia, however. The bank’s second quarter results highlight a few teams that are potentially worth working for.

Of these, wealth management is the stand out. There was “revenue growth in the Asia Pacific region” year on year during the second quarter, according to Deutsche’s earnings report, which doesn’t break out regional income by division. The bank also hints at more hiring, earmarking Asia for “further expansion” in wealth management.

Deutsche Bank Wealth Management (DBWM) has already been growing in Asia for more than a year, and Sewing’s appointment – he previously headed the Private and Commercial Bank, of which wealth is a part – had raised expectations that the hiring would continue. Under the stewardship of Lok Yim, its Asia Pacific head, DBWM took on 50 relationship managers in Asia last year, the second highest total of any private bank.

Senior front-office hiring on this scale is unlikely in Deutsche’s Corporate and Investment Bank in Asia this year, but equity capital markets (ECM) jobs appear among the most secure. Although Deutsche’s equity origination revenues fell globally, its results point to “strong deal closure” in Asia Pacific. Deutsche was the ninth-placed bank (and the sixth-ranked Western bank) for Asian ECM revenue in the first half of 2018, up six slots year on year, according to Dealogic.

Meanwhile, while Deutsche has been culling equities traders in Asia, some of their FIC counterparts in the region enjoyed a strong second quarter, despite FIC revenues tumbling 17% globally year on year. “Foreign exchange and rates Asia Pacific revenues were higher driven by improved flow in Asia and Australia,” says Deutsche’s report.

Have a confidential story, tip, or comment you’d like to share? Contact: smortlock@efinancialcareers.com

Image credit: wellesenterprises, Getty

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AUTHORSimon Mortlock Content Manager

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