Why Deutsche Bank is raiding Credit Suisse in Asia

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Why Deutsche Bank is raiding Credit Suisse in Asia

Deutsche Bank’s equities team in Asia is developing a bit of a thing for hiring from Credit Suisse – but only after the Swiss bank itself made several raids on Deutsche's senior ranks.

Back in April 2017, Neil Hosie, head of APAC equity trading at Deutsche left to become head of APAC equities at Credit Suisse. His former DB colleague Patrick Kelly also joined CS to head up regional equity client trading and execution. Other high-profile people then followed. Nick Silver, formerly equity execution services co-head at DB, joined Credit Suisse last summer as head of equities for Japan, for example.

“But these senior DB guys going to Credit Suisse rather upset some of the existing senior CS equities people,” says a source with knowledge of the moves. “So a few of them then decided to leave CS… and join Deutsche. In Asia, DB is now the home of CS refugees,” he adds.  

Those 'refugees' include Hani Shalabi, now co-head of equity execution for APAC at Deutsche Bank, who was in charge of APAC advanced execution services at Credit Suisse until 2017. There's also Don Lee, Credit Suisse's former head of APAC client trading and execution, who was appointed last month as joint head of its Asia Pacific execution services unit. Lee is partnering with former CS colleague Shalabi and reporting to APAC equities chief Richard Chung. 

Other, more junior staff have also shifted from CS to DB in recent months, says the source. Deutsche declined to comment on its Asian equities hiring.

As ex-CS people now hold senior positions in Asian equities at Deutsche, the German bank is likely to continue to target CS talent. Just don’t expect a hiring spree – Deutsche’s equities recruitment will be focused on replacing people who leave, say headhunters. 

Deutsche cut its front-office headcount in Asia last year and – as we reported last week – its potential merger with Commerzbank is expected to result in further job losses in the region. Asian equities may be spared the worst of any new post-merger cuts, however, because Deutsche restructured the unit only last year.

In June 2018, Deutsche cut onshore sales and derivatives coverage in individual Asian markets as part of wider plans to focus on larger clients in Asia and trim 25% of its equities headcount globally. The German firm also reshuffled its Asian equities management ranks that month, with Chung assuming his current position, alongside several other internal moves.

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

Image credit: MaxBaumann, Getty

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