ING has reduced the head count of its leveraged finance business in Asia as the firm prepares for an expected downturn, a spokesman said. He would not give precise numbers except to say “a few” people had been cut.
Despite the lower deal volume in leveraged finance that it anticipates, ING will remain active in the region as all the firms key offices including Hong Kong, Tokyo and Singapore are still there, he said.
Separately, Genevieve Gregor, Citi Australia’s head of leverage and acquisition finance has resigned, according to a Citi Australia spokeswoman. Gregor will be succeeded by Robin Dutta. Dutta has been with Citi for more than 10 years.
Steve Bennett, head of global leveraged finance for Asia Pacific in investment bank UBS, has also resigned. Bennett will be replaced by UBS managing director Guy Wylie who will transfer from the leveraged finance team in London to Hong Kong, according to Euro Week.
Earlier this week, global private equity firm The Carlyle Group shut down its Warsaw office as well as it Sydney-based Asian leveraged finance group, citing adverse market conditions. Both were established last year.