Deutsche Bank Wealth Management has appointed former Credit Suisse private banking head, Claudio de Sanctis, to its newly created role of head of Europe.
In the new role, Claudio de Sanctis will particularly focus on serving German clients and serving other domestic markets.
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He will be based in Zurich join the role on 1 December 2018.
De Sanctis was most recently employed as head of private banking, Europe at Credit Suisse.
In his new role at Deutsche Bank, de Sanctis will report to the bank’s global head of wealth management, Fabrizio Campelli.
The newly formed Europe region at Deutsche Bank includes Germany, and several other markets, including Switzerland, UK, Italy, Spain and France.
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By GlobalDataCampelli said: “The Europe region is the backbone of our business and I’m very excited to have someone of Claudio’s calibre joining Deutsche Bank Wealth Management at a time when we’re so focused on strategic growth.
“He’s another excellent addition to the team as we invest in great people and technology to serve our sophisticated clients in Europe and around the world,” Campbelli added.
The bank said it is growing heavily in wealth management to achieve a ”more stable and balanced business mix. “
Earlier this month, Deutsche Wealth Management’s head of Americas Wealth Management Patrick Campion said it was looking to grow its US wealth management arm and increase its relationship managers by 25% in 2018.
This is pleasant news given Deutsche Bank was recently included in a Federal Reserve Watchlist of troubled banks.
It was included after it failed the Federal Reserve’s annual stress tests, which evaluates capital planning practises of the major operating banks in the country. The Federal Reserve expressed concern over the material weaknesses in DB’s USA data capabilities and capital planning controls. However, the Federal Reserve Board had approved the capital plans of the other 34 firms.
