Singapore-based head of credit sales for Asia at Deutsche Bank, Paul Gamble, a managing director, has left the bank as part of a restructure of Deutsche’s institutional client group (ICG) products division, effective immediately.
Gamble’s duties are taken over by Matthew Blackwell, head of interest rate and commodities sales Asia, and David Beale, head of global finance and foreign exchange (FX) sales.
Singapore-based Blackwell and Beale will co-head the integrated ICG products division, which combines the credit, rates, FX and commodities products sales teams into a single ICG Asia Fixed income, currency and commodities (FICC) sales team.
The co-heads will continue to report to Marzio Keiling, Asia Pacific head of Deutsche Bank’s institutional client group. Keiling elevated to that role in June of last year after the co-chief executive officers Alan Cloete and Gunit Chadha restructured Deutsche’s corporate and investment bank into the corporate banking and securities and global transaction banking groups.
Keiling was previously head of global capital markets for Asia Pacific.
Representatives at Deutsche Bank declined to comment on the moves. Asiamoney was unable to reach Gamble for comment.
The movements follow a round of layoffs for the bank in September 2012 reportedly amounting to dozens of staff in Deutsche’s Asian equities and debt teams. The German bank announced in late July that it was eliminating 1,500 jobs from its corporate banking and securities divisions across the globe, the crux of which would come outside Germany, in an effort to save €3 billion (US$3.7 billion).
A month earlier, Deutsche Bank relocated Jake Gearhart to Singapore from New York to assume the position of head of global risk syndicate for Asia. He reports to Deutsche’s head of fixed income capital markets in Asia, Herman van den Wall Bake. Van den Wall Bake himself was elevated into that role in July, replacing Patrick Tsang who had resigned from the bank and the industry in June.
More recently, Gamble’s departure marks the second exit by a regional head of credit sales by a European bank in January: earlier this month, Justin Yang, UBS’ head of Asia credit sales, also departed his bank.