A dispute over hiring in Asia between UBS and Deutsche Bank resulted in UBS being left out of a rights issue from Deutsche Bank earlier in 2017, according to a story from the Financial Times.
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UBS was reportedly left out of Deutsche Bank rights issue after a dispute over poaching staff
Tension between the banks grew after UBS poached Deutsche Bank's most senior wealth management executive in Asia.
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Tensions developed after UBS hired Deutsche Bank's most senior wealth management executive in Asia, Ravi Raju, in October 2016.
UBS had also reportedly tried to hire more Deutsche staff after poaching Raju, with the FT reporting that some UBS staff members had told Deutsche employees that the German lender "might not be there in a few years' time," alluding to persistent concerns from some in the industry about the health the bank.
people with inside knowledge told the FT that Deutsche executives had "sin-binned" UBS as a result.
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