The ongoing epidemic has proven destructive in its impact…
Both physically and financially.
The latter part, in particular, has forced numerous local businesses to close shop, and even more employees to go out of work. True, the virus might have taken a huge toll on the health sector of Singapore…
But the recession is arguably just as potent as the infectious rate of the virus.
Thankfully, however, the government has intervened with the ample provision of opportunities, including entire career centres dedicated to helping citizens find jobs. And it seems that other third party positions might be on the way in as well…
Including the likes of Deutsche Bank, whose new CEO will soon be relocating here from Hong Kong.
Deutsche Bank New CEO Chooses to Relocate The Company from Hong Kong to S’pore Which’ll Create More Jobs Here
According to South China Morning Post, Deutsche Bank’s incoming Asia-Pacific chief executive Alexander von zur Muelen is relocating to Singapore, in accordance with the lender’s “dual hub” structure for region.
Muelen will be succeeding Werner Steinmueller on 1 August. The latter, who joined the bank in 1991 and was based in Hong Kong for the last four years, will stay on as an advisor until the end-2020.
But wait, you must be wondering: What is Deutsche Bank?
Founded in Berlin in 1870, Deutsche Bank AG is a multinational investment bank and financial services company headquartered in Frankfurt, Germany.
According to sources, the bank’s network spans 58 countries, and has a large presence in Europe, the Americas and Asia.
The bank also has a policy whereby it divides its executive teams (in the region) between the financial hubs. As of right now, the company’s fixed-income and commercial bank operations are primarily operated out of Singapore, which explains why you might not have heard of them before.
But this would mark the first time in at least a decade that the German bank is situating its sole Asia CEO outside of Hong Kong.
From 2012 to 2016, the Asian business was run by co-CEOs Alan Cloete and Gunit Chadha (who operated from Hong Kong and Singapore respectively).
The two were subsequently replaced by Steinmueller in 2016, the first management board member to be stationed in the rapid-growing region.
Well, one thing’s for sure:
An influx of new career prospects may well be on the way.
But of course, with WFH arrangements, you never know what’s going to happen next.
Controversy Just Recently
Everything sounds goody, right? Well, to us yes, but not to that bank.
Just today (17 July), it was reported that investors are currently suing Deutsche Bank and its CEO Christian Sewing (the CEO of the bank and not just Asia-Pacific) for making untrue statements before its agreement to pay a $150 million fine.
The lawsuit was filed on Wednesday (15 July), and reportedly seeks “unspecified damages”.
According to the lawsuit, shareholders have allegedly lost money because of Deutsche Bank’s dealings with Epstein, who was involved in a multitude of sexual abuse cases.
The bank has declined further comment on the case.
Reader Bao: Why are you including this in?
I need to hit my word count.
Here’s a simplified summary of the South Korea martial law that even a 5-year-old would understand:
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