Deutsche Bank sees exodus of 30% of workforce in Singapore and Hong Kong

This translates to almost 50 investment bankers leaving in the past six months.

German multinational investment firm Deutsche Bank has seen a surge in turnover amongst its investment bankers in Asia since May amidst its cost-cutting initiatives and sinking morale, according to Bloomberg.

Almost 50 bankers in Singapore and Hong Kong have left in the past six months which represents approximately 30% of the firm’s investment-banking workforce. This includes eight managing directors and roughly a dozen directors.

Deutsche Bank reportedly hired 35 bankers in its two financial hubs to replenish its ranks, including three managing directors and one director, the report noted.

Rising turbulence amongst the ranks of dealmakers against a region where fees have increased faster than expected in the last five years underpin the uphill battle for Deutsche Bank’s CEO Christian Sewing. Tumbling stocks, a string of scandals and global cost cutting pressures further dented employment morale amongst current former bankers in Asia, the report highlighted.

Here's more from Bloomberg.