The APAC revamp follows the British banking group’s focus on optimizing capital allocation in investment banking, midway through a three-year plan to cut 2 billion pounds ($2.73 billion) in costs-shifting resources mainly from this division to higher-margin businesses.
These changes follow the May appointment of company veteran Avinash Thakur as head of division in APAC.
“Asia Pacific is crucial to our global growth plan, and this team will drive the next phase of our ambition,” said Thakur, who succeeded former regional investment banking head Vanessa Koo following her retirement.
As part of the reshuffle, Richard Satchwell, former Australia country chief executive and head of Investment Banking, has been appointed head of Capital Markets Financing for Asia Pacific.
Ee-Ching Tay, who is the current head of Investment Banking, Southeast Asia, has been appointed chief of Merger and Acquisition, Asia Pacific. Duncan Connellan will assume the role of chief of Investment Banking, Australia, and David Henderson, a former Goldman Sachs executive, is appointed as CEO of its operations in Australia. The bank appointed Arun Saigal as head of Investment Banking in India, expanding his role beyond his current responsibility as head of Financing and M&A in the country.
All appointments are effective immediately.
