The ex-Credit Suisse heavyweight in charge of Deutsche Bank's Europe wealth arm isn't letting a massive cull get in the way of plans to hire new private bankers and win clients.
As Deutsche Bank prepares for the biggest job-cutting round in its history, one man is talking expansion: Claudio de Sanctis, head of the Frankfurt lender's Swiss bank as well as its European wealth arm. He wants to hire new private bankers – and eventually think mergers-and-acquisitions, he told «Reuters».
De Sanctis, whom Deutsche poached from Credit Suisse last year, quickly shuffled the ranks at the German bank. He hopes for growth from entrepreneurs and wealthy families in Germany, Italy, the U.K., Spain, and eastern Europe – largely where Germany's biggest bank maintains a physical presence.
Seeking Swiss Jet Set
The Swiss banker also plans to target wealthy families in Switzerland, making more of the alpine nation's role as a haven. Deutsche Bankers in Switzerland book money from wealthy clients from the Middle East, Latin America, Turkey, and Israel, for example – all destinations de Sanctis hopes to win more business from.
For Deutsche's bankers in Switzerland, this means relative safety from the 18,000 jobs that CEO Christian Sewing has slated to go – especially since the bank has underscored the wealthy client arm alongside payments as a key growth area. In Europe, the bank hiked assets this year – thanks to new hires, de Sanctis said. The bank doesn't disclose specifics.
Dealmaking Eyed
«In principle, my view would be in the next two to three years we prove the organic case, which is very substantial. When we have that credibility then — given that wealth management is important and Europe is core — then we will look at potentially doing acquisitions,» he said.
He also sees options for investment banking – the area set for Deutsche's biggest round of cuts. «I expect us to maintain a competitive investment bank for everything our wealth management clients in Europe need,» he said. The strategy is one de Sanctis has already outlined, as finews.com reported in April. The Deutsche Banker knows this model from his past job: the «entrepreneur's bank» at Credit Suisse.
