With the demise of Credit Suisse, the battle for the best bankers in the market is escalating. Now Deutsche Bank is responding with a bold move from Switzerland.
Deutsche Bank has appointed its current head of Switzerland, Marco Pagliara, as its new head of emerging markets, according to an internal memo seen by finews.asia. The emerging markets region includes Asia Pacific, the Middle East and Latin America.
The appointment is effective immediately and a response to the surprise departure of Jin Yee Young, who moved from Credit Suisse to Deutsche Bank less than six months ago and has now joined UBS. At the German lender, she was responsible for private banking in Asia and is now set to take on a similar role at UBS, which is in the process of integrating with Credit Suisse.
Zurich to Singapore
Pagliara joined Deutsche Bank in 2019 and has since been its head of international private bank (IPB) EMEA. Previously, he also worked at Goldman Sachs and McKinsey & Company.
He will relocate from Zurich to Singapore for the new post. His successor for the role of Deutsche Bank (Switzerland) CEO and chief country officer for Switzerland will be announced in «due course».
Nearly 20 Years at Credit Suisse
Young (pictured above) unveiled her strategy for Deutsche Bank's Asian private banking business just last April, setting a goal of doubling revenues in the region within five years. She joined Deutsche Bank after nearly two decades at Credit Suisse.
Separately, Deutsche Bank is planning to recruit 250 client advisors worldwide over the next two years, according to a presentation from its first-quarter results in 2023.
