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Oct 04-Anthony-Deutsche Bank-123rf

Deutsche Bank expands in Hong Kong

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After a tumultuous year for Deutsche Bank, it is now expanding its relationship manager (RM) team in Hong Kong and Singapore.

Last year the Asian offices of the wealth management firm at Deutsche Bank suffered massive blows when Ravi Raju, its Asian wealth chief, and Anurag Mahesh, its Singapore-based global head of key client partners announced their departure to UBS. A mass exodus was expected in Asia as controversy swirled around the firm globally.

Managing to stop most of its 200 relationship managers from leaving over the last year, the German-based bank is now expanding in the region.

“Hiring was paused in 2016 due to the bank’s financial losses and Ravi Raju’s departure. But since April, it’s been giving out the correct signals that Asian wealth management is important to its business, and it’s revamping its IT systems and continuing to hire,” said former Merrill Lynch private banker Rahul Sen, now head of wealth management at search firm The Omerta Group in the efinacialcareers.

In an interview with Bloomberg earlier this year  Lok Yim, the unit’s Asia Pacific head said they planned to hire 50 client facing roles including RMs in the second half of the year.

Although it is not clear if they met their target, Human Resources reported Deutsche bank announced a whole series of new hires this week most of which were in Singapore. The bank also indicated they had already made new hires in Hong Kong, Singapore and Dubai across client coverage, IT, Know-Your-Client, project management, operations and product platforms.

ALSO READ: More IT job cuts at HSBC

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