The Italian-born banker isn’t part of CEO Christian Sewing’s slimmed six-man (heavily German) top management. The private banker emphasizes his inclusion in a wider committee of top management and business heads ensures wealth management «has a seat at the table».
Carte Blanche of Hiring
To be sure, Campelli is one of the only men currently permitted to spend money as the battered German lender chops jobs. Is Deutsche Bank paying a premium to attract top talent?
«We pay market price,» says Campelli. «This is a business where margins are under pressure so the most short-sighted thing somebody in my position could do is inflate costs by paying a premium.»
Until now, he has little to show for the hiring spree: wealth management’s revenue slid 9 percent in the second quarter. The result was burdened by fallout from Campelli’s (was it his decision?) 2017 decision to bury Sal. Oppenheim, a Bonn-based private bank founded in 1789.
Campelli, who is based in London, downplays the impact of Deutsche’s big-picture problems on its wealth push. «The geographical reach [of the bank] has largely remained unchanged, which is very important for wealth management clients,» Campelli explains.
Loyal Big Producers
Over the last decade, Deutsche Bank stood out in wealth for its balance sheet and its strong product manufacturing capabilities. «We may be more selective on the product we offer,» Campelli acknowledges, «but the breadth of areas we will cover will remain unchanged.» He declined to detail specifics.
What about defections? None of the top-50 producers in wealth management have left the bank in the last three years, Campelli insists. He is eager to share credit with Lok Yim, the bank’s head of Asia and the Middle East.
Stability vs Turbulence
Most industry watchers would agree Yim is the linchpin for the bank’s strategy in the region. Many Deutsche clients are «tied in» due to long-dated structures and lending, according to one observer – and thus, bankers are reluctant to leave. «Wealth management headcount in 2019 has been very stable despite the newsflow,» Campelli notes.
The private bank [which Deutsche defines as asset management; retail business in Germany and Europe; and wealth management] is targeting 12 percent return on tangible equity by 2022. The private bank overseen by Campelli is aiming «higher than that,» he notes. «We were founded 150 years ago to cater to the needs of our corporate clients,» he notes.
«The strategy is to go back to those roots and anchor our business to corporate clients and their needs at work and at home,» Campelli says.
- << Back
- Page 2 of 2
