Deutsche Bank's top private banker to wealthy Israelis, as well as a veteran European market head, are exiting, finews.asia has learned. The move follows a shake-up five months ago.
Yael Rabinowitz, who oversees business with wealthy Israel clients, and Asaf Raveh (pictured below), head of emerging Europe, are departing Deutsche Bank, according to a memo seen by finews.asia. Deutsche Bank said the two, both managing directors, are leaving to pursue other job opportunities.
Their exit comes several months after the German bank's head of private banking, Claudio de Sanctis, widened the unit's purview. Wealth management enjoys particular focus from Deutsche's top management at the moment, which is looking to business with the rich to offset a dramatic scaling back of its investment bank.
European Shuffle
De Sanctis and lieutenant Marco Pagliara have carte blanche for hiring. In May, the duo poached Sofia Sool, a top UBS banker to the ultra-rich. She will lead the wider unit's emerging European business, which now includes Russia, Eastern Europe, Israel, Turkey, and Greece, according to the memo.
Deutsche confirmed the contents of the memo, which was first reported by Swiss banking blog «Inside Paradeplatz» (in German). Rabinowitz spent nearly ten years at Deutsche and is a prominent top female banker; Raveh was a 12-year veteran. Neither could be reached for comment.
