The German lender's European wealth boss, Claudio de Sanctis, is launching a hiring offensive that includes poaching from Goldman Sachs as well as Credit Suisse, his former house.
De Sanctis, who joined from Credit Suisse as head of Deutsche Bank Wealth Management in Europe on 1 December, has hired Marco Pagliara from Goldman Sachs and Alessandro Caironi from Credit Suisse to help shape his vision.
Core to the restructure is the creation of a single wealth Europe Core Council, replacing the two former regional councils in Germany and EMEA. The firm has appointed eight leaders within this new structure. The bank will reduce the number of market heads to six, from 14 previously.
We want to build the preeminent pan-European wealth manager and we’re hiring from our main competitors to achieve that"
Pagliara, who joins in June from Goldman Sachs where he headed the firm's Swiss and Continental European business, has been appointed head of of Northern & Eastern Europe, which includes the UK and the Nordic regions.
Caironi joins as head investment manager and sales management Europe and ultra-high-net-worth (UHNW) coordinator from Credit Suisse, where he held a number of roles, including head of advisory and sales.
The ex-Goldman banker's arrival also heralds changes for Michael Morley, the former Coutts & Co boss who hired on at Deutsche nearly two years ago. The 61-year-old will report to Pagliara from June, and no longer de Sanctis himself. The same goes for Peter Schmid, a veteran Swiss private banker who joined Deutsche last year.
With 199 billion euros ($227bn) overseen for clients, Deutsche Bank's wealth management is small compared with rivals such as Credit Suisse and UBS Group AG, but its one area where Chief Executive Officer Christian Sewing wants to expand as he cuts back the securities unit.
"We want to grow the asset flow in Europe and boost profitability," Campelli said in a phone interview. "The plan is to get more boots on the ground," Bloomberg reports.
Deutsche Bank's plans to win over more millionaires in Europe brings de Sanctis head to head against his former boss, Iqbal Khan, who leads the key international wealth management division at Swiss rival Credit Suisse Group AG.
"We want to build the preeminent pan-European wealth manager and we're hiring from our main competitors to achieve that," de Sanctis told Bloomberg.
