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Update: Deutsche Bank said to put Asia corporate finance heads on leave
[HONG KONG] Deutsche Bank AG has put both its co-heads of corporate finance in Asia on leave, people familiar with the matter said.
Douglas Morton was placed on leave over a suspected breach of internal compliance rules, said one of the people, declining to elaborate. Venky Vishwanathan was put on leave as the bank faces civil court cases over alleged mis-selling of derivatives by a group he helped oversee, the people said, asking not to be named because the information is confidential.
The decisions to ask Morton and Vishwanathan to take leave were unrelated, and no interim heads of corporate finance have been appointed in their place, one of the people said, asking not to be identified because the matter is confidential. No reason for the decisions was given.
Mr Morton's leave was announced internally on Monday, the people said. Vishwanathan has been on leave since early May, one of the people said.
Mr Morton declined to comment when reached on his mobile phone on Tuesday, and Mr Vishwanathan could not be reached for comment despite eight phone calls to his mobile phone over the past two weeks. Amy Chang, a Deutsche Bank representative in Hong Kong, declined to comment.
Mr Morton is based in Hong Kong and has been running Deutsche Bank's investment banking coverage in Asia. Mr Vishwanathan is responsible for the capital markets and treasury solutions business at the bank, based in Singapore.