A top Swiss banker at Deutsche Bank's wealth arm is leaving after less than 18 months, finews.com has learned.
Peter Schmid, who runs a sizable chunk of Deutsche Bank's wealth arm in Europe, is leaving the German lender, a source familiar with the matter told finews.com. The head of Deutsche in northern and central Europe was shut out of an organizational shake-up under new European boss Claudio de Sanctis, the person said. A spokesman for the bank confirmed Schmid's departure, without elaborating.
Schmid spent less than 18 months at the Frankfurt-based bank, which has authorized a ramp-up of its wealth activities including aggressively poaching. The drive comes against the backdrop of an invasive restructuring of Deutsche elsewhere, including its investment bank, which will see 18,000 jobs fall away.
«Danger Money»
An industry veteran who previously ran Merrill Lynch in Switzerland, Schmid isn't the first Swiss banker to leave shortly after being hired by Deutsche. Swiss wealth boss Paul Arni also departed after less than 18 months, as finews.com reported exclusively in March.
The arrival of de Sanctis in the European job harbingered most of the changes: the Credit Suisse veteran is hiring copiously, from the Swiss bank among others. De Sanctis' hire of Goldman Sachs Banker Marco Pagliara in March was effectively a demotion for Schmid as well as Michael Morley, a wealth veteran who ran Coutts until 2016.
For his part, Pagliara had been passed over at Goldman to co-run the U.S. bank's European wealth arm (Swiss banker Stefan Bolliger won the job in March). The wealth arm, which is overseen by Fabrizio Campelli, is reportedly paying «danger money» for private bankers to join.
