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August 10, 2022

Deutsche Bank makes new appointment in Americas wealth management unit

Deutsche Bank has recruited ex-Goldman Sachs executive Rod Colburn for its Wealth Management Americas unit, Reuters reported citing an internal memo.

Colburn will serve as a managing director and senior relationship manager at the private banking arm of the German bank.

In his new role, Colburn will be responsible for Wealth Management Americas’ lending activities for ultra-high net worth customers.

He will report to the bank’s New York and South East market head Anthony Valvo.

Colburn had worked with Goldman Sachs for 14 years. During this stint, Colburn worked to support the growth of its private bank lending business and played a key role in originating over $10bn of loan transactions.

Before joining Goldman Sachs in 2008, Colburn was associated with Citigroup and Bank of America’s US Trust, reported Bloomberg.

In a separate development, Deutsche Bank hired Thomas Klemm to lead the deposits unit of the international private bank serving the Americas. Klemm will continue to serve in his current role of chief operating officer for the unit.

The appointment comes as Charlie Burrows has been required to concentrate on the unit’s businesses in the US Southeast.

Deutsche Bank posted a profit of $1.06bn (€1.046bn) attributable to the shareholders for the second quarter of this year.

In the first half of this year, the lender’s international private banking unit had earned $1.7bn in revenue. The figure represents a 3% rise recorded in the same period a year ago.

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