One of Deutsche Bank AG’s most senior hires from the embattled Credit Suisse Group AG is unexpectedly leaving after less than six months in the role to join UBS Group AG.
(Bloomberg) — One of Deutsche Bank AG’s most senior hires from the embattled Credit Suisse Group AG is unexpectedly leaving after less than six months in the role to join UBS Group AG.
Jin Yee Young, who joined Deutsche Bank in January as head of international private banking for Asia, has resigned from the Frankfurt-based firm, according to an internal memo obtained by Bloomberg News on Thursday. She is poised to become UBS’s co-head of wealth for Asia and her hiring could be announced as soon as next week, people familiar with the matter said, asking not to be identified as the matter is private.
A UBS spokesperson declined to comment.
The move marks a win for UBS which has been pushing hard to retain talent in wealth management and bring back funds, as it seeks to complete a government-orchestrated merger with Credit Suisse as early as June 12. Iqbal Khan, the wealth boss at UBS, has visited Singapore at least twice over the past several months to meet with clients and staff in Asia, which has been a key battleground for global banks vying for the fastest growing number of wealthy clients.
Khan was instrumental in the hire of the banker, one of the people said, declining to be identified as the deliberations are private. Young will replace August Hatecke, one of the co-heads for Asia who will be relocating to Zurich for a new position, one of the people said.
Last month, the Swiss lenders started to offer rare incentives by giving their Asia wealth bankers a cut on the new client money they bring in. Earlier, Credit Suisse handed out retention bonuses to staff whom UBS sees as critical for the future of the combined bank. It sent letters in April awarding guaranteed bonuses, made up of cash and UBS shares as well as deferred component, to a small group of senior key employees, people familiar said earlier.
Young, a veteran with some 20 years at the Swiss lender, has been the highest-ranking wealth departure in Asia at Credit Suisse. She was the deputy to Benjamin Cavalli, the regional head of private banking, as well as chief executive officer of the SymAsia Foundation Ltd., a non-profit group handling philanthropic activities of the bank’s wealthy clients. Before Credit Suisse, Young was with DBS Group Holdings Ltd. and Citigroup Inc.
Young’s departure may also deal a blow to Deutsche Bank’s Asia ambitions. Marking her first 100 days at the German lender, Young hosted an internal town-hall in mid April where she vowed to double private-banking revenue from the region by ramping up efforts to attract the region’s ultra-wealthy.
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