Credit Suisse's former head of European operations has been promoted to top management at Deutsche Bank. In five years, he has reached the pinnacle at Germany's largest bank.
The executive board of Deutsche Bank under CEO Christian Sewing is slimming down to nine seats after the departure of two members, the German lender announced.
Vice chair Karl von Rohr who is responsible for the private client bank, asset management, and the regions of Germany and Europe, is departing in the fall. Christiana Riley, responsible for the Americas business, is taking up a challenge outside Deutsche Bank, and is leaving the bank in May.
Pushing the Pace
This gives a banker who is also well-known in Switzerland the chance to move up. Claudio de Sanctis has been promoted to the executive board and will take over the management of the private clients bank from von Rohr in November at the latest.
The journey to the executive suite was accomplished after only five years with the German banking giant. Joining Deutsche Bank in 2018 as head of wealth management for Europe and Switzerland, de Sanctis initially took over its entire wealth management business after eleven months. In 2020, he advanced to head the newly created International Private Clients Bank (IPB), where he had both the private client business and the wealth client business under him. A «Swiss-style» transformation and accelerated growth followed there.
Added Responsibility
There are further chess moves being played out. In November, chief financial officer (CFO) James von Moltke takes on additional responsibility for asset management, which consists of Deutsche Bank's majority stake in the fund subsidiary DWS. Stefan Simon, as chief administrative officer (CAO) responsible for regulatory relations as well as legal, governance, compliance, and financial crime protection, assumes responsibility for the Americas region and moves to New York.
Meanwhile, regional responsibilities for Germany, Europe, the Middle East, and the Asia Pacific region will be combined under the leadership of Alexander von zur Muehlen by November 1 at the latest.
Rebecca Short assumes primary responsibility for the bank's costs in an expanded role as chief operating officer (COO) starting June 1. In the future, the COO mandate will also include human resources and global real estate management. As before, Short will also oversee transformation and the work-up of regulatory issues.
Meanwhile, Fabrizio Campelli remains responsible for the corporate and investment banks. Similarly, Bernd Leukert continues to lead the technology, data, and innovation division, while Olivier Vigneron remains head of risk.
Grow and Save
The reorganization of the senior management team is intended to focus the bank even more on customer needs, growth, and operational strength, and to accelerate the implementation of its strategy as a «global house bank,» according to the statement. Savings will also be made in a challenging environment, with a particular focus on costs and controls.
