Deutsche Bank wealth head Claudio de Sanctis is giving bigger roles to two deputies in Europe. The ex-Credit Suisse private banker isn't done hiring yet.
Five weeks after taking over Deutsche Bank's 199 billion euro ($220 billion) private bank, Claudio de Sanctis named Marco Pagliara as head of Europe, effective immediately, a spokesman for the bank told finews.com, confirming a «Bloomberg» (not available online) report.
The move makes Pagliara (at left) who joined the German bank from Goldman Sachs just six months ago, a key deputy to de Sanctis. Deutsche is looking to wealth management to revive its fortunes as it trades traditional strongholds like equity sales and trading and prime brokerage for business with the world’s super-rich.
Hiring Drive
De Sanctis, who defected from Credit Suisse one year ago, made clear that he will continue to hire private bankers. «The bank’s commitment to our hiring and to growth in wealth management is unwavering and a very important part of my strategy,» De Sanctis told the news agency. «We keep looking for the right talent at market price.»
The comments translate to a denial that Deutsche has to pay «danger» premiums to get top private bankers like ex-Coutts leader Michael Morley to sign up. Instead, Deutsche has argued that it is willing to deploy 200 billion euros of balance sheet cash towards a lending push.
European Shuffle
De Sanctis is also promoting two other top European bankers: Morley will expand his U.K. remit to include the Nordics and promoting Frank Schriever as private banking head in Germany. This reverses a structure laid out eight months ago doing away with the top German role in favor of splitting the home market up into regions.
One of de Sanctis' biggest challenges is weaning itself off its home market, which made for nearly half – 43 percent – of Deutsche’s wealth assets at year-end. Deutsche Bank wants to take on wealth giants like UBS with a hiring push of up to 300 new bankers by 2021 – the bulk in Europe.
Wealth Elder Statesman
He is leaning on big names like the 62-year-old Morley to do so. Somewhat of an elder statesman of private banking, Morley ran Britain's Coutts until 2016. He has long ties to Geneva, where he worked for years for both Lloyds and Barclays.
Schriever, a 30-year-veteran of Deutsche, is currently the co-head of wealth management in Germany's north and northwest. Daniel Kalczynski, the bank's head of family offices and intermediaries, has decided to leave the company, «Bloomberg» reported.
