Deutsche Bank AG recruited Joe Lai from Credit Suisse Group AG as the German lender goes on a hiring spree this year to boost its ranks and take back market share from Wall Street rivals.
Lai will join in the coming months and become chairman of origination and advisory for Asia in the investment bank, according to an internal memo seen by Bloomberg News. He will be based in Hong Kong and responsible for further developing client strategy and advisory capabilities, the memo said.
Lai, who was Credit Suisse’s co-head of Asia-Pacific investment banking and capital markets, is among a flood of senior bankers departing the Swiss firm after its takeover by UBS Group AG. Deutsche Bank has been among the most aggressive in scooping up talent from Credit Suisse amid the turmoil. It recently named Credit Suisse’s Nora Yeung as its co-head of equity capital markets for Asia-Pacific.
At Deutsche Bank, Lai will assume his chairman role alongside Qiong Wu, according to the memo, which was confirmed by a spokesperson.
Lai was elevated by Credit Suisse to co-lead the region’s investment banking and capital markets division last June after his former boss Zeth Hung stepped aside to become vice chairman for the business. Lai was promoted in 2018 as co-head of China investment banking and was former co-head of real estate for Asia-Pacific.
Deutsche Bank also hired Rui Wang to be head of investment banking coverage and advisory for Greater China, according to a separate memo seen by Bloomberg News. Wang was most recently the head of investment banking and capital markets for China at Credit Suisse.
UBS CEO Sergio Ermotti has said in the immediate aftermath of the takeover that Credit Suisse may be due for a massive downsizing of its dealmaking businesses, in order to cut the risks of the combined bank.
--With assistance from Manuel Baigorri.
(Adds additional hire of Rui Wang in sixth paragraph)
