Citi Private Bank has hired Deutsche Bank executive Steven Young as a managing director and ultra-high-net-worth private banker in New York.

Young is scheduled to join the firm in October. He will report to New York Metro Region Executive Charles Merrill.

Young served as managing director and senior private banker at Deutsche in New York since 2006. Before that, he was a managing director and senior banker at JP Morgan Private Bank, where he served for about five years, and a vice president and private banker at Chase Manhattan bank for three years. Young has also previously held positions at Bank of America, Seafirst Bank and Arthur Andersen & Co.

"I look forward to joining the New York private banking team and to having the opportunity to collaborate with Citi's world class investment banking team to provide global private banking solutions, including access to capital and innovative investment opportunities, for the firm's ultra-high-net-worth clients," Young said in a statement.

Lorie Konish writes for On Wall Street.