OCBC said to hire ex-Goldman’s Jason Moo as its private bank CEO

Jason Moo, who spent more than two decades at Goldman Sachs Group Inc., will become the new chief at the private banking unit of Oversea-Chinese Banking Corp., according to a person with knowledge of the matter.

Moo, a Singaporean, will start at Bank of Singapore next year, said the person, who declined to be identified discussing confidential details. The executive left Julius Baer Group Ltd. in mid-December and will succeed Bahren Shaari, who is set to retire at the end of 2022 after seven years in his current role.

Moo and a Bank of Singapore spokesman declined to comment.

Bank of Singapore is among the top 10 private banks in Asia-excluding China, according to Asian Private Banker’s rankings, and manages about $114 billion in client assets.

The new chief executive officer will need to navigate a highly competitive industry where global wealth managers from UBS Group AG to Credit Suisse Group AG and Citigroup Inc. are vying for more market share in Asia. Meantime, the anticipated global economic slowdown and volatile markets are contributing to lower transaction volumes among wealthy clients.

Moo was most recently head of private banking in Southeast Asia at Julius Baer, which he joined in 2020 after his time with Goldman Sachs. At the US bank, he held roles including head of private wealth management for Southeast Asia and Australia, as well as head of Asia-Pacific alternative capital markets in Hong Kong. – BLOOMBERG