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July 18, 2019

Deutsche Bank raids Credit Suisse to strengthen wealth management arm

German lender Deutsche Bank has hired 13 bankers from Credit Suisse in Italy in order to bolster its wealth management business in Europe.

The new team will be led by Roberto Coletta.

Coletta headed the UHNWI segment at Credit Suisse.

He will now serve as the head of wealth management for Deutsche Bank’s Italy business.

In the new role, Coletta will manage Italian UHNW and HNW clients along with the local wealth products and services platform.

Deutsche Bank head of wealth management in Europe, Claudio de Sanctis, noted: “The arrival of Roberto Coletta as head of the Italian team is another important step in the broader global growth strategy of Wealth Management, which includes hiring 300 new relationship and investment managers by 2021.

“One of our main areas of focus is Europe, where we want to expand our client base and contribute to the growth of Deutsche Bank Group, based on our reputation for outstanding service and our well-established relationships with families and entrepreneurs here, especially in Germany, in southern Europe, led by Italy, and in the UK.”

Deutsche Bank has been saddled with various problems lately, including a raft of fines, a failed merger with Commerzbank and around 18,000 job cuts.

In a redemption bid, Deutsche Bank is now looking to focus on its wealth management business.

de Sanctis, who too joined from Credit Suisse last year, recently unveiled plans to strengthen Deutsche Bank’s European wealth management business citing its less capital requirement and less cyclical earnings.

 

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