Germany's largest bank is lifting a team of private bankers focused on the ultra-rich off the Swiss rival. The newly-installed head of Deutsche's wealth arm – an ex-Credit Suisse heavyweight – is reportedly behind the move.
Deutsche Bank is poaching a team of 13 private bankers led by Roberto Coletta and focused on ultra-high net worth clients, finews.com has learned. The raid follows the move by Claudio de Sanctis, who ran Credit Suisse's European business until defecting to the Frankfurt-based bank last year.
The hiring spree is large in size for any wealth manager, and comes against the backdrop of Deutsche's cull of 18,000 jobs in a recovery bid. The move is reportedly costing Deutsche Bank dearly: the bankers have been promised a 40 percent rise on their current pay, as well as guaranteeing to match their 2018 bonuses.
«Danger Money»
The «danger money» is intended to assuage the bankers' nerves about working for the troubled German lender. A spokesman for Deutsche confirmed Coletta's hire. The «Financial Times» (behind paywall) first reported his and the wider team's poaching.
The move underscores that de Sanctis has been given the go-ahead to spend copiously, despite the bank's massive cuts overall. Credit Suisse, which was rocked by the exit of its top private banker Iqbal Khan last week, said it remains devoted to the Italian market, and continues to hire.
