Deutsche Bank’s King Sau Lam, head of euro medium-term notes (EMTN) in Asia and a member of the bank’s global risk syndicate team at the director level, has departed Deutsche Bank, marking the latest exit by the bank in its debt division, sources confirm to Asiamoney PLUS.
Lam departed from the bank mid-September. Details of Lam’s next move has not been released, nor those of his replacement. A spokeswoman from Deutsche Bank declined comment on Lam leaving the bank.
His departure follows a round of layoffs earlier this month reportedly amounting to dozens of staff in Deutsche’s equities and debt teams in Asia. The German banks 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).
Hong Kong-based Lam joined the bank’s global risk syndicate team in June 2011 from Rabobank, also in Hong Kong. At Deutsche, he was responsible for transacting private placements for Asia investors and managing bond syndication in Asian currencies.
A speaker at Euromoney’s Global Offshore Renminbi Funding Forum in May, Lam maintained a particular focus on the emerging offshore renminbi currency. Earlier this year, he was present in meetings between the bank and other policy and financial parties to promote The City of London’s role as an offshore renminbi centre.
Lam worked at Rabobank from 2006 to 2011, and was responsible for the firm’s Asian interest rates and FX structuring business. Prior to his time at the Dutch bank he spent six years as an interest rates derivatives trader with Toronto Dominion Bank in both Sydney and Tokyo.
Lam’s departure is the latest management move in Deutsche Bank’s fixed income department. In August, the bank relocated Jake Gearhart to Singapore from New York to assume the position of head of global risk syndicate for Asia.
Gearhart 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.
Tsang headed Deutsche’s fixed income business for two years.