Gunnar Hoest, head of commodities, Asia, has left Deutsche Bank while Morgan Stanley's Harry Soh is set to retire, sources have confirmed.
Gunnar Hoest, head of commodities, Asia, has left Deutsche Bank while Morgan Stanley’s Harry Soh is set to retire, sources have confirmed.
Deutsche Bank’s Singapore-based head of commodities, Asia, Gunnar Hoest left the firm in mid-December last year as part of the bank’s restructuring process, market sources have confirmed.
Hoest’s exit followed shortly after Bank of America Merrill Lynch Asia-Pacific commodities head Benjamin Tsai was confirmed to be stepping down in early in December.
There is set to be a third change at the top in Asia commodities businesses with Morgan Stanley’s Harry Soh retiring from his role as head of commodities in February. Soh will be replaced by Tan Chark Hoe.
It is understood that nobody will assume the head of commodities role for the time being at Deutsche Bank, with Hoest’s responsibilities spread across the commodities management team.
Hoest joined Deutsche Bank as the commodities head in June 2010. Previously, he worked as head of Asia commodities for Credit Suisse. He began his career as a derivatives trader for Credit Suisse in New York.
He moved to Hong Kong as head of emerging market credit derivatives and exotic trading for Credit Suisse before taking on the commodities head role in 2006.
In a difficult 12 months for the financial sector, many banks have been looking to reduce their commodity businesses in order to avoid greater capital constraints and other regulatory requirements that will substantially increase the cost of commodity derivatives trading.
In July last year, Deutsche Bank announced a restructuring plan to save billions of dollars that included the loss of 1,900 jobs. As part of this process, it was reported that the bank made deep staff cuts to its power and gas trading desks in Europe and the US.
It was also reported that the global head of commodities, David Silbert, was leaving.
There were reports in October that Morgan Stanley was considering selling its global commodities unit to Qatar’s sovereign wealth fund.
This article was first published on Risk