Deutsche shares are lower Friday, as the German bank has hired a new European head for its wealth management business. The manager who is filling this new role for Deutsche Bank, comes from Credit Suisse, where he spent five years in the same position.
By 1040 BST, Deutsche Bank shares were 1.24% lower at €9.76. The stock has been moving a little lower in the past few weeks.
Deutsche Bank hires new European manager
Deutsche Bank has hired a new European manager for its wealth management business. The role is a new one for the firm and has been filled by Claudio de Sanctis, who joins from Credit Suisse. He will join the firm in December and report to Fabrizio Campelli, Global Head of Wealth Management.
“The Europe region is the backbone of our business and I’m very excited to have someone of Claudio’s calibre joining Deutsche Bank Wealth Management at a time when we’re so focused on strategic growth,” Campelli said.
“He’s another excellent addition to the team as we invest in great people and technology to serve our sophisticated clients in Europe and around the world,” he added.
This move comes as the bank works to grow its European wealth management business as part of ongoing restructuring plans.
Deutsche Bank traders make Turkish gains
Separately, reports show that Deutsche Bank traders have secured a much-needed win amid the recent Turkish-related market turmoil.
According to a Bloomberg report, the German bank’s fixed-income traders working on the central and eastern Europe, the Middle East and Africa, desk, made over $10 million on August 1th. That’s the date when the Turkish Lira sank sharply after the team had positioned its investments to make a profit from any decline in Turkish asset prices.
The move comes as Deutsche Bank appears to be showing a bigger appetite for risk in the current volatile emerging markets backdrop.