Deutsche Bank's Singapore love story is raising some eyebrows
Congratulations are in order at Deutsche Bank Singapore. In recent weeks, we understand that Serene Chen, the global co-head of emerging market sales, head of FIC macro sales and co-head of structuring at the German bank, and Alexander von zur Mühlen, Deutsche's APAC chief executive and a member of the management board, have married.
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Deutsche Bank declined to comment on the betrothal, which is understood to have been disclosed to all relevant committees and was not considered an issue internally.
Nonetheless, Deutsche Bank sources in Asia say the union has caused a stir in the Singapore office. "The Asia macro team see this as a bit of a conflict of interest," says one insider at the bank. "It's very odd for us and seems a bit difficult for the culture."
Chen has worked at Deutsche Bank for 18 years, all in Singapore. Von zur Mühlen has worked for Deutsche Bank since 1998 and became CEO of APAC in 2023.
There have been claims of romance elsewhere at Deutsche Bank. Bloomberg recently suggested that Deutsche's former co-head of US equity capital markets left amidst an investigation into an affair with a director, something that he denies. Citi MD Ardith Lindsey's most recently filed complaint about the Citi equities team suggests intra-team relationships are comparatively common. Citi has denied Lindsey's allegations.
Von zur Mühlen is one of Sewing’s closest advisers. We noted in 2020 that the two men once worked together under Hugo Bänziger, DB’s former chief risk officer. “The two had a great connection,” Bänziger told Bloomberg.
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