Deutsche Bank hired Citigroup treasurer James von Moltke to replace Marcus Schenckas chief financial officer, completing a management shakeup that'sbeen key to the latest turnaround plan.
|Von Moltke will start in July, Deutsche Bank said in astatement, confirming a report by Bloomberg earlier Friday. InMarch, Germany's biggest bank promoted Schenck to one of two deputyCEOs, with a mandate to co-run its investment banking andtrading units.
|Von Moltke, a German and Australian citizen, joins afreshly recapitalized firm in the midst of dramaticallyrestructuring its businesses. Europe's biggest investment bankraised 8 billion euros ($8.7 billion) by selling stock in earlyApril as it seeks to dispel lingering doubts about its financialstrength. Under a strategy unveiled by CEO John Cryan in March, thecompany plans to float a minority stake in its asset managementunit and to reintegrate the consumer-banking subsidiaryPostbank.
|“His widespread experience in strategic planning and provensuccess in reshaping a multinational financial services company,will help us to reduce the complexity of our bank further and toachieve our ambitious targets,” Cryan said in the statement.
|Von Moltke, 48, joined Citigroup in 2009 and was promoted totreasurer in September 2015. Earlier, he spent 17 years as aninvestment banker at firms including JPMorgan Chase & Co. andMorgan Stanley.
|Von Moltke, who advised financial firms on mergers and otherdeals while at Morgan Stanley, has years of experience working withtroubled, complex businesses. He joined Citigroup months after thebank was bailed out in the U.S. to avoid collapse. The then-CEOVikram Pandit tasked him with helping to shrink the Citi Holdingsunit, a so-called bad bank with more than $600 billion of assetsranging from toxic subprime securities and private-equity stakes toentire businesses. The unit's assets had fallen to $54 billion bythe end of last year, statements show.
|Citigroup named Joe Bonocore and Loretta Moseman interimco-heads for Treasury, according to a memo seen by Bloomberg.
|Bloomberg News
|Copyright 2018 Bloomberg. All rightsreserved. This material may not be published, broadcast, rewritten,or redistributed.
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