A private banking veteran of the German lender is taking on a new role in Zurich. The move comes as Deutsche's top private banker, Claudio de Sanctis, seeks a reinvention for the unit.

Frankfurt-based Deutsche's international private bank is naming Corrado Palmieri as the new head of advisory and sales for Germany, it said in an emailed statement on Wednesday. This includes overseeing investment as well as sales management, capital markets, and offering management.

Palmieri, an Italian banker and 20-year veteran of Deutsche Bank, replaces Arasch Charifi, who is leaving the bank, as first reported by Germany outlet «Private Banking Magazin» (in German). He currently holds a wealth investment advisory and product role in the wider Europe, Middle East, and African private bank.

Wider Wealth Remit

Deutsche Bank in June widened the remit of its international wealth arm – which encompasses everything except its home market – under ex-Swiss banker Claudio de Sanctis, as finews.com reported. De Sanctis is attempting an overhaul against the backdrop of coronavirus and a slew of legacy issues including money laundering probes and years of loans to the Trump family business.

Top de Sanctis lieutenant Marco Pagliara told finews.com in August the bank wants to target ultra-high net worth families with institutional-grade services out of Switzerland. A veteran of Goldman Sachs' private bank who defected last year, Pagliara also acknowledged Deutsche's past mistakes, which have drawn public, political, and regulatory scrutiny.