UPDATE 2-DBS consumer head to join Deutsche Asset - sources

* Rajan Raju quits DBS after 11 years with the bank - memo

* Raju to join Deutsche Asset Management in senior role

* Departure comes after recent high-level hiring at DBS

(Adds Raju's new role)

By Saeed Azhar and Kevin Lim

SINGAPORE, Aug 30 (Reuters) - DBS's (DBSM.SI) head of consumer banking, Rajan Raju, has resigned after 11 years with Southeast Asia's biggest bank and is joining Deutsche Asset Management in a senior role, sources familiar with the move said.

The departure comes during a string of leadership changes at DBS in Hong Kong and Singapore, as Chief Executive Piyush Gupta tries to boost market share in the bank's two key markets.

Gupta has hired Sebastian Paredes, formerly with Indonesia's Bank Danamon (BDMN.JK), as head of its Hong Kong unit. He has also named ex-Citibanker Sim S. Lim to the newly created post of country manager for Singapore and poached Tan Su Shan from Morgan Stanley (MS.N) as private banking head. [ID:nSGE67F0EP]

"If such big personalities were hired in major markets, then what was left for Rajan Raju," said an analyst at a foreign brokerage who asked not to be named due to the sensitivity of the matter.

"DBS has also not done well in consumer banking recently."

DBS consumer banking unit, which includes the private bank, reported a 13.6 percent decline in second quarter net profit from a year ago.

The consumer banking unit was also at the centre of a storm after the collapse of Lehman Brothers. DBS's retail clients in Singapore and Hong Kong, who bought structured notes linked to the failed U.S. bank, held demonstrations to demand compensation.

Raju had joined DBS in treasury and markets in 1999 and also headed the transactions and technology units later.

Raju, who joined DBS from Citibank (C.N), will end his current role on Aug 31 and his official last day is on Sept 30, according to a staff memo seen by Reuters.

Raju was not immediately available for comment.

Raju is joining Deutsche Asset Management in a senior role, according to sources familiar with the move. Deutsche declined comment.

DBS, which confirmed Raju's departure, said his successor would be announced soon.

The memo said bankers Linda Wong, Jeremy Soo and Domenic Fuda would temporarily assist in managing the consumer banking businesss. (Editing by Anshuman Daga)