In what could be a serious blow to morale, the long time head of the German lender's Asian wealth business is reported to have left the firm and is headed for a larger rival institution.
Deutsche Bank investors have no doubt been hoping that the bank can settle their numerous investigations with the U.S. Justice Department quickly. However for some the lingering uncertainty seems to have proved too much.
Will Others Defect
Private banking news site Asian Private Banker (subscription) has reported the major defection of Ravi Raju, the Hong Kong based Head of Deutsche Bank Wealth Management APAC to another private banking competitor.
Formerly with Citi global wealth management Raju has been with Deutsche in Asia since 2007 and is known to have a fierce loyalty from his senior management team and relationship managers. The worry now for the bank must be that others will follow their leader.
Raju is believed to be joining Switzerland's UBS, a source familiar with the situation confirmed the move to finews.asia.
