Deutsche Bank AG tapped Marco Pagliara as the international private bank’s new chief for emerging markets including Asia Pacific, while its regional executive Jin Yee Young made a surprise exit after less than six months.
The changes were outlined in an internal memo from executives Claudio de Sanctis and Alexander von zur Muehlen obtained by Bloomberg News. Pagliara, who is currently head of the international private bank unit for Europe, Middle East and Africa, will relocate to Singapore from Zurich, according to the memo. It didn’t provide details on where Young is heading.
A Deutsche Bank spokesperson declined to comment on the contents of the memo.
Young’s unexpected departure comes after the high-profile executive unveiled her strategy in April, when she targeted doubling private-banking revenue from Asia in five years at Deutsche Bank. She joined the German bank in January after almost two decades at Credit Suisse Group AG’s Asia wealth management arm, where she rose to number two for the regional business.
The bank looks forward to “working to ensure our clients in Asia, the world’s fastest-growing region, enjoy the full financial benefits of the Global Hausbank,” de Sanctis and von zur Muehlen said in the memo.
(Adds background of Pagliara and Young throughout.)
