Italian Among Germans
One of the biggest challenges Campelli faces is weaning Deutsche off Germany, Inc. The domestic market made for nearly half – 43 percent – of Deutsche’s 199 billion euros ($219.4 billion) in wealth assets at year-end.
In Switzerland, de Sanctis hopes to win wealthy entrepreneurs from Germany, Italy, the U.K., Spain, as well as further afield such as Turkey, Latin America, and the Middle East.
The Italian-born banker isn’t part of CEO Christian Sewing’s slimmed six-man (heavily German) top management. The private banker emphasizes his inclusion in a wider committee of top management and business heads ensures wealth management «has a seat at the table».
Carte Blanche of Hiring
To be sure, Campelli is one of the only men currently permitted to spend money as the battered German lender chops jobs. Is Deutsche Bank paying a premium to attract top talent?
«We pay market price,» says Campelli. «This is a business where margins are under pressure so the most short-sighted thing somebody in my position could do is inflate costs by paying a premium.»
Until now, he has little to show for the hiring spree: wealth management’s revenue slid 9 percent in the second quarter. The result was burdened by fallout from Campelli’s (was it his decision?) 2017 decision to bury Sal. Oppenheim, a Bonn-based private bank founded in 1789.
Campelli, who is based in London, downplays the impact of Deutsche’s big-picture problems on its wealth push. «The geographical reach [of the bank] has largely remained unchanged, which is very important for wealth management clients,» Campelli explains.
