DBS has hired veteran Citi private banker Jaideep Sapehia as a Singapore-based director.
Sapehia had been with Citi’s International Private Bank for more than 14 years, latterly as a director in the high-net-worth segment. Prior to Citi, Sapehia spent two years at HDFC Bank in India.
The first quarter is traditionally a strong period for private banking hiring, but this year the market is more buoyant than early 2021, when recruitment was still dampened by the pandemic.
Moreover, there are already signs that recruitment will be strong for the rest of the year. JPMorgan wants to increase the Asian headcount of its private bank by more than 100 in 2022, while Nomura has announced plans to hire 50 relationship managers in the region in the next two years.
Sapehia is not the only high-profile hire that DBS has made from Citi recently. As we reported last month, Rusli Ang joined DBS from Citi as an executive director and head of Singapore digital technology and transformation.
Net fee and commission income from wealth management at DBS increased 19% year-on-year to S$1,786m in 2021, according to its earnings results.