FRANKFURT: Deutsche Bank is expected to name James von Moltke as new finance chief to replace Marcus Schenck who is taking on the role of co-head of the investment bank, a source close to the matter said on Friday.
Von Moltke will join Germany’s flagship lender from Citi, where he has worked as treasurer since 2015 after earlier looking after the bank’s financial planning and analysis.
Citi hired von Moltke in 2009 from Morgan Stanley — where he had covered brokerages, exchanges and financial technology companies — to head its corporate mergers and acquisitions unit. He previously worked at JP Morgan.
Born in Heidelberg in 1969 and educated at the University of Oxford, von Moltke, is married with three children. He started his career in finance at Credit Suisse’s investment bank in 1992 and will take on his new role in Frankfurt in July.
Von Moltke is related to Helmuth von Moltke the Elder, the Prussian general widely seen as the architect of Otto von Bismarck’s military victories in conflicts such as the Franco-Prussian war, as well as Helmuth James Graf von Moltke, a German who led a resistance group against Adolf Hitler.
Von Moltke joins Deutsche after it has managed to put 15 billion euros ($16.3 billion) worth of legal headaches behind it and bolstered its capital with an 8 billion euro rights issue.
He will be tasked with helping it return to profitable growth, which has been hampered by low interest rates and tougher bank rules but also by the lender’s overly complex structure and reputational issues.
On Thursday, Deutsche Bank said it more than doubled its profit in the first quarter, but its shares fell as it reported a decline in revenues and its securities trading business continued to lag US rivals.
Last month, Deutsche Bank promoted Schenck and retail head Christian Sewing to co-deputy chief executives alongside bank chief John Cryan and said it would name a new CFO at a later stage.
