Deutsche Bank AG’s Lee Zhang, one of the most senior Chinese investment bankers at a western securities firm, is leaving to join Industrial & Commercial Bank of China Ltd., the world’s largest lender by market value.
Twelve days into his job as co- chief executive officer of Deutsche Bank AG, Anshu Jain stood beside Germany’s finance minister and in front of video images of lush forests and rolling rivers as hundreds of businessmen sang the national anthem.
Deutsche Bank AG lost about 26 junior bankers in Hong Kong over the past four months, the biggest number of such departures from the firm in Asia in at least five years, two people with knowledge of the matter said.
Deutsche Bank AG, Germany’s largest lender, named Paul Stefanick and Henrik Aslaksen to co-run the firm’s global investment-banking coverage and advisory business as the firm looks to expand in the U.S.
Deutsche Bank AG co-Chief Executive Officer Anshu Jain said he plans to deal with most of the bank’s legal costs by the end of the year, after the expenses contributed to lower pay for its investment bankers.