He is Deutsche Bank's CEO, Australia and New Zealand and will continue in this role until his successor is announced, according to an internal memo.

McMurdo will report to Jeff Urwin, Global Head of Corporate and Investment Bank and regionally to Gunit Chadha, CEO Asia Pacific. He will relocate from Sydney to Hong Kong.

Chadha said: "James made a very positive impact as CEO of our Australian business and will now focus his talents on developing our successful CIB franchise across the 16 countries in which we have businesses in Asia Pacific."

McMurdo joined Deutsche Bank in 2013 from Goldman Sachs London where he was a partner and Head of its Financial Sponsors Group for Europe Middle East and Africa.

The memo further said that Lisa Robins has been appointed Vice Chair of CIB. She will continue to head up the Transaction Banking in APAC and will report to McMurdo.

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