Two become one in Deutsche’s latest private banking plan
The German lender has named Claudio de Sanctis as its new head of private bank and created a single, unified division – part of longstanding plans to generate more income from the business by rooting out inefficiencies and tapping into new global income streams.
Deutsche Bank’s latest private-banking plan is a reorganization, rather than a restructure or a reshuffle. It is designed to streamline, to eliminate duplication and inefficiency, to hone reporting lines, and to squeeze the most out of key investments in digital.
At the heart of the process is Claudio de Sanctis. On July 1, the Italy-born wealth manager was promoted by chief executive Christian Sewing from head of international private bank (IPB) to head of the private bank and member of the management board, with a clear remit to oversee the German lender’s global wealth-management and private-banking operations.
From his newly elevated position, de Sanctis will oversee a brand-new organizational structure.
Before, private banking was divided into two separate business units: its domestic private bank in Germany and the IPB, of which de Sanctis took command in mid 2020. Both were successful in their own right – credit the IPB team, for instance, for creating Deutsche’s ‘Bank for Entrepreneurs’, a de Sanctis-led project designed to meet both the corporate-banking and personal-wealth needs of company chiefs.