Does he still smart from the time colleagues turned competitors overnight? «Those that chose to leave were not disloyal or wrong, so no I do not take it personally at all,» he clarifies. «Having said that, I am very emotionally attached to the ones who stayed back.» The sentiment appears to be well-reciprocated.
Paying a Premium?
Even though the word «exodus» featured often in commentary surrounding Deutsche Bank globally, in Asia, nobody of Raju or Mahesh’s stature has left the bank since. It would appear Yim has held onto the various regional heads and rainmakers.
Indeed the rhetoric now is focussed on the bank’s ambitious hiring spree – it took on in excess of 50 bankers last year, most of them at senior levels. «Every single time I travel somewhere, I make sure I see a candidate,» explains Yim. «I was in London for Wimbledon – I met a candidate; I was in Bombay for meetings – I met a candidate; I am in Dubai soon and I will meet a candidate there.»
Compensation Not Most Important
Is the bank paying a premium for the additional headcount, as rumors suggest? «We are competitive payers and our bosses have reiterated that we will remain competitive, but I doubt Deutsche Bank will ever be the highest payer in the market. The last two years have taught us that when it comes to retaining people, compensation – while very important – is not the most important factor.»
Despite the focus on people, Yim is one of a handful of Asia CEOs who sees his role as broader than acquirer of talent. «My legacy when I retire is not going to be how many people I hired,» he says. «Rather it will be that I handed over a safe and sustainable business that does not have any landmines hidden anywhere.»
Like Robotics
To that end, Yim has focussed on the nuts and bolts of the bank’s platform. «Over the last year and a half I have put in as much new technology as was needed,» he says. The investments include snazzier technology like robotics and artificial intelligence, but do not ignore the bank’s core platform.
«We have transformed how we open accounts and how fast we can bring clients onboard,» Yim says. «My obsession at the moment is account opening and streamlining that process, because this is the client’s first experience of the bank.»
No Mass Retail
He has also made progress rolling out the bank’s high net worth plans in the region, although there was skepticism new endeavors may be shelved, while the bank focussed on rebuilding its core business.
«Yes of course we are going ahead with our plans for the high net worth space, we define this as between $5 and $25 million,» Yim reiterates, explaining that the large investment in technology has paid off particularly in terms of building capability in this area. «We will not be doing mass retail,» he clarifies.
Click here to read the second installment of finews.asia's exclusive interview with Deutsche Bank head Lok Yim.
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