Deutsche Bank Goes on Hiring Spree to Court Ultra-Wealthy
(Bloomberg) -- Deutsche Bank AG said it hired seven private bankers as it plots an expansion of its business catering to ultra-wealthy clients across Latin America and on both U.S. coasts.
The bank is seeking to grow along the U.S. West Coast and in New York and Florida. It has already hired Bank of America Corp.’s Chris Zias, Jeremy Levine and Lindsay McCracken and Citigroup Inc.’s Jay Yost for its operations in New York, according to an emailed statement. Bank of America’s Rahul Varshneya also joined Deutsche Bank in San Francisco.
The moves come after Deutsche Bank named Arjun Nagarkatti, a 18-year veteran of the firm, to lead its international private-banking arm in the Americas earlier this year. The unit will look to hire both relationship managers and product specialists as it seeks to expand its business.
“The macro outlook has got infinitely more complicated over the last 12 months,” Deutsche Bank said in the statement. “Clients need help and specialist advice now more than ever.”
The Frankfurt-based bank also added to its Latin American team. It hired Goldman Sachs Group Inc.’s Guilherme de Faria Gradel for Brazil and Citigroup’s Chris Roca to cover the Mexican ultra-high net worth market.
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