Deutsche Bank is set to reduce the number of market heads in its European wealth business and make several hires at the unit.
The changes, led by the bank’s wealth management head for Europe Claudio de Sanctis, are aimed at boosting the division’s revenues.
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de Sanctis was hired from Credit Suisse a year ago.
Under the changes, the number of regional managers would be reduced from six to 14.
Marco Pagliara joins from Goldman Sachs and would be one of the market heads, with responsibility for managing northern and eastern Europe.
Other market heads include Anke Sahlen, Frank Schriever, Stephan Jugenheimer, Roberto Parazzini and Daniel Kalczynski.
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By GlobalDataAt the same time, Alessandro Caironi has been poached from Credit Suisse as head investment manager.
“We want to build the preeminent pan-European wealth manager and we’re hiring from our main competitors to achieve that,” de Sanctis was quoted as saying by Bloomberg.
According to Bloomberg, the wealth unit has been earmarked for expansion by CEO Christian Sewing even though it is dwarfed by banks including Credit Suisse and UBS.
Deutsche Bank global head of wealth management Fabrizio Campelli said that the unit had a “decent start” in the first quarter in spite of tough market conditions.
“We want to grow the asset flow in Europe and boost profitability. The plan is to get more boots on the ground,” Campelli was quoted as saying by the report.
The latest move comes shortly after confirmation of merger talks between Deutsche Bank and Commerzbank.
However, Deutsche Bank noted that the possibility of a deal is uncertain.
