Deutsche Private Bank Cuts 10 Jobs in Asia with 60 Jobs Cut in Hong Kong & Singapore in Last 12 Months, 3 Top Senior Executives Left in Last 12 Months, Hong Kong CEO Lok Yim to HSBC, APAC Head Jin Yee Young to UBS & APAC Vice-Chairman Anurag Mahesh to Nomura, Deutsche Private Bank Marco Pagliara Relocated to Singapore in 2023
20th April 2024 | Hong Kong
Deutsche Private Bank has been reported to cut 10 jobs in Asia, with 60 jobs cut in Hong Kong & Singapore in the last 12 months. Deutsche Private Bank 3 top senior executives had left in the last 12 months, with Hong Kong CEO Lok Yim to HSBC, APAC Head Jin Yee Young to UBS and APAC Vice-Chairman Anurag Mahesh to Nomura. In 2023 August, Deutsche Private Bank Marco Pagliara relocated to Singapore, having been appointed in June 2023 as Deutsche Private Bank Head of Emerging Markets Including APAC, Middle-East & Latin America. In June 2023, Deutsche Private Bank announced the appointment Head of Wealth Management Europe Marco Pagliara as Head of Emerging Markets including APAC, Middle-East & Latin America, with the appointment effective immediately following the resignation (departure) of Head of International Private Bank APAC Jin Yee Young who was leaving to join UBS as UBS Co-Head of Wealth Management Asia. Marco Pagliara will relocate to Singapore in his new role. Marco Pagliara had joined Deutsche Bank in 2019 from Goldman Sachs after 8 years (Managing Director, General Manager Switzerland), and had started his career as a Management Consultant at McKinsey. In 2022 October, Deutsche Private Bank hired Credit Suisse APAC Wealth Management Deputy CEO Jin Yee Young as Deutsche Bank Head of International Private Bank APAC (3rd Jan 2023), with existing Head of International Private Bank (IPB) APAC Lok Yim to focus on his role as Deutsche Bank CEO of Hong Kong (3rd Jan 2023). In July 2023, Lok Yim resigned from Deutsche Bank.
“ Deutsche Private Bank Cuts 10 Jobs in Asia with 60 Jobs Cut in Hong Kong & Singapore in Last 12 Months, 3 Top Senior Executives Left in Last 12 Months, Hong Kong CEO Lok Yim to HSBC, APAC Head Jin Yee Young to UBS & APAC Vice-Chairman Anurag Mahesh to Nomura, Deutsche Private Bank Marco Pagliara Relocated to Singapore in 2023 “
Deutsche Private Bank Marco Pagliara Relocates to Singapore, Appointed in June 2023 as Head of Emerging Markets Including APAC, Middle-East & Latin America
18th August 2023 – Deutsche Private Bank Marco Pagliara has relocated to Singapore, having been appointed in June 2023 as Deutsche Private Bank Head of Emerging Markets Including APAC, Middle-East & Latin America. In June 2023, Deutsche Private Bank announced the appointment Head of Wealth Management Europe Marco Pagliara as Head of Emerging Markets including APAC, Middle-East & Latin America, with the appointment effective immediately following the resignation (departure) of Head of International Private Bank APAC Jin Yee Young who was leaving to join UBS as UBS Co-Head of Wealth Management Asia. Marco Pagliara will relocate to Singapore in his new role. Marco Pagliara had joined Deutsche Bank in 2019 from Goldman Sachs after 8 years (Managing Director, General Manager Switzerland), and had started his career as a Management Consultant at McKinsey. In 2022 October, Deutsche Private Bank hired Credit Suisse APAC Wealth Management Deputy CEO Jin Yee Young as Deutsche Bank Head of International Private Bank APAC (3rd Jan 2023), with existing Head of International Private Bank (IPB) APAC Lok Yim to focus on his role as Deutsche Bank CEO of Hong Kong (3rd Jan 2023). In July 2023, Lok Yim resigned from Deutsche Bank.
Deutsche Private Bank Appoints Head of Wealth Management Europe Marco Pagliara as Head of Emerging Markets Including APAC, Middle-East & Latin America, Marco Pagliara to Relocate to Singapore for the New Role
9th June 2023 – Deutsche Private Bank has appointed Head of Wealth Management Europe Marco Pagliara as Head of Emerging Markets including APAC, Middle-East & Latin America, with the appointment effective immediately following the resignation (departure) of Head of International Private Bank APAC Jin Yee Young who is leaving to join UBS as UBS Co-Head of Wealth Management Asia.Marco Pagliara will relocate to Singapore in his new role. Marco Pagliara had joined Deutsche Bank in 2019 from Goldman Sachs after 8 years (Managing Director, General Manager Switzerland), and had started his career as a Management Consultant at McKinsey. In 2022 October, Deutsche Private Bank hired Credit Suisse APAC Wealth Management Deputy CEO Jin Yee Young as Deutsche Bank Head of International Private Bank APAC (3rd Jan 2023), with existing Head of International Private Bank (IPB) APAC Lok Yim to focus on his role as Deutsche Bank CEO of Hong Kong (3rd Jan 2023).
Deutsche Private Bank Hires Credit Suisse Jin Yee Young as Head of International Private Bank APAC, Lok Yim to Focus on Hong Kong CEO Role
12th October 2022 – Deutsche Private Bank has hired Credit Suisse APAC Wealth Management Deputy CEO Jin Yee Young as Deutsche Bank Head of International Private Bank APAC (3rd Jan 2023), with existing Head of International Private Bank (IPB) APAC Lok Yim to focus on his role as Deutsche Bank CEO of Hong Kong (3rd Jan 2023). Jin Yee Young has over 25 years of Private Banking & Wealth Management experience including Credit Suisse, DBS Private Bank & Citibank. At Credit Suisse, Jin Yee Young had held numerous leadership roles including Deputy CEO WM APAC, Head of WM for Singapore, Deputy CEO Singapore & CEO for SymAsia Foundation, Market Group Head for Singapore & Malaysia and South Asia Switzerland, and Indonesia, Taiwan, China, Hong Kong & Japan. Lok Yim, who had led Deutsche Bank as Head of Wealth Management and International Private Bank APAC businesses for 6 years, will focus on his role as Chief Executive Officer of Deutsche Bank HKSAR.
Deutsche Bank Head of International Private Bank APAC Jin Yee Young
Deutsch Bank hires Jin Yee Young as Deutsche Bank Head of International Private Bank APAC (3rd Jan 2023). Jin Yee Young has over 25 years of Private Banking & Wealth Management experience including Credit Suisse, DBS Private Bank & Citibank. Jin Yee Young joins Deutsche Bank from Credit Suisse and had held numerous leadership roles including Deputy CEO WM APAC, Head of WM for Singapore, Deputy CEO Singapore & CEO for SymAsia Foundation, Market Group Head for Singapore & Malaysia and South Asia Switzerland, and Indonesia, Taiwan, China, Hong Kong & Japan.
Deutsche Bank Head of IPB & CEO EMEA, Claudio de Sanctis:
“In Jin Yee Young we have found an outstanding leader to take the IPB in APAC to the next level. Throughout her distinguished career, Jin Yee has proven herself a strong and effective leader. As one of the most well-respected private bankers in Asia, she possesses all the skills and deep market knowledge needed to run our business. Already one of the top Ultra High Net Worth Wealth Management franchises in Asia, coupled with our highly regarded India business, we have strong ambitions to propel our business further into its next phase of growth. Our goal in this dynamic region is to become the leading financial institution for entrepreneurs and their families leveraging the full Deutsche Bank offering. I wish Jin Yee every success.
Lok Yim has been instrumental in developing the bank’s Asia Pacific WM client business and positioning it for continued growth in the years ahead. He has been responsible for transforming Deutsche Bank’s wealth business in the region, working in a strong and productive partnership with all our business and infrastructure partners. As we transition our business to its next stage of growth, we are pleased to continue working closely with Lok in enhancing our contribution to the bank’s broader Hong Kong platform.”
Deutsche Bank APAC CEO & Member of the Management Board Alexander von zur Muehlen:
“Wealth Management continues to be a cornerstone of our offering for clients in the Asia Pacific region, and a critical growth driver for our platform. In Hong Kong, one of our most important hubs globally, the close partnership between our wealth management, investment bank, and corporate bank businesses is a unique advantage in serving the needs of our sophisticated client base. Pulling together the full suite of our product capability across divisions as well as the power of our entire global network for our clients is a particular strength of Lok’s. Under his continued leadership, we are confident that our Hong Kong platform will continue to strengthen and grow.”
About Deutsche Bank
Deutsche Bank provides retail and private banking, corporate and transaction banking, lending, asset and wealth management products and services as well as focused investment banking to private individuals, small and medium-sized companies, corporations, governments and institutional investors. Deutsche Bank is the leading bank in Germany with strong European roots and a global network.
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