Germany’s Deutsche Bank has elevated Charlie Burrows to lead the expansion efforts for its wealth management unit in the south-eastern region of the US.
Burrows will shift to Miami from New York City as part of his new role, according to a memo to staff seen by Bloomberg News.
He will be responsible for supervising the bank’s expansion in Naples, Palm Beach, Jacksonville, and Tampa Bay.
The contents of the memo were confirmed by a Deutsche Bank spokesperson.
Burrows joined Deutsche Bank in 2011. Prior to that, he served in a number of key roles at Bank of America Corp and JPMorgan Chase & Co, where he spent 20 years.
Deutsche Bank international private bank in the Americas head Arjun Nagarkatti and New York co-head Anthony Valvo were quoted as saying in the memo: “Charlie’s role includes representing the firm in all investment- and credit-related business in the philanthropic, institutional, high-net-worth (HNW) and family office space.”
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In recent years, Deutsche Bank has been steadily expanding its wealth management presence in Miami. In the last six years, the bank doubled the number of employees in the city serving HNW individuals in the country.
The firm is likely to appoint additional four employees to the team soon to further accelerate its growth plans in the region, an unidentified person with knowledge of the bank’s move revealed to the news agency.
Last year, Deutsche bank Americas business head Christiana Riley said that the bank is planning to reduce its employee strength in New York by half over the next five years, and move staff to smaller hubs across the US.
Nagarkatti and Valvo were quoted as saying in the latest memo: “The continued strong connectivity between New York and Miami remain key to the future growth and development of this business and demonstrate Deutsche Bank’s commitment to Miami and the Florida market.”