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One of the most senior managers in Deutsche Bank’s APAC business quit last week.
Kevin Burke, head of Asia debt sales, has left the German bank less than four years after he joined from Barclays, according to people familiar with the situation.
Deutsche declined to comment, and Singapore-based Mr Burke did not immediately respond to requests for comment.
His departure comes six months after Deutsche – which has pared back some international operations so it can concentrate more on core clients’ in Europe and the US – lost its Asia private banking head Ravi Raju to UBS.
Since then, the bank announced an 80 per cent cut to its bonus pool, cushioning the blow with €1.1bn of ‘retention awards’ to affected staff which pay out if they stay with the bank for six years.
The bank’s chief administrative officer Karl von Rohr said in a recent interview that the bonus cuts were “frustrating” for employees who performed well, but that “people aren’t resigning in their droves”.
“Staff turnover is within the normal framework,” he told German newspaper Frankfurter Allgemeine Sonntagszeitung. “In January it was even less than the figure from the previous year. We monitor the figures very carefully, naturally enough.”