(Bloomberg) -- As Deutsche Bank AG sheds thousands of jobs worldwide, there's at least one place where it's still been hiring.
The German lender recently recruited three people to strengthen its equity execution business in Japan, said Paddy Hogan, head of equities in the country. They are:
- Kentaro Iwao, a former trader at Bank of America Corp.'s Japan securities unit, who joined as co-head of Asia-Pacific portfolio trading sales with David Foodey
- Masa Murakami, who was hired from Mizuho Securities Co. for electronic sales trading
- Bella Lee, previously at Goldman Sachs Group Inc., who joined as a securities lending and flow swaps trader in global prime finance.
Chief Executive Officer Christian Sewing, who took the post in April, plans to focus on electronic business as he overhauls the equity sales and trading business worldwide. He is cutting onshore sales and derivative coverage in markets across the Asia-Pacific region as part of the restructuring, a move that will involve staff reductions, Bloomberg reported earlier this month.
Read more on Deutsche Bank's equities restructuring in Asia
In Japan, Deutsche Bank plans to expand its equity operations in line with its strategy to strengthen electronic solutions, Hogan said in a statement to Bloomberg. The Japanese business has been “consistently profitable” despite a challenging environment for global equities, he said.
The hiring “underscores our commitment to Japan, and will further enhance our franchise in Japanese equities,” said Hogan, who this month was appointed head of Asia-Pacific equity sales, adding to his existing role in the country.
To contact the reporter on this story: Takahiko Hyuga in Tokyo at thyuga@bloomberg.net
To contact the editors responsible for this story: Marcus Wright at mwright115@bloomberg.net, Russell Ward
©2018 Bloomberg L.P.
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