Deutsche Bank Names Citigroup's James Von Moltke Chief Financial Officer -- 3rd Update
April 28 2017 - 9:01AM
Dow Jones News
By Jenny Strasburg
Deutsche Bank AG named Citigroup Inc. Treasurer James von
Moltke, a former investment banker, as its new finance chief on
Friday.
Mr. von Moltke, 48 years old, has been Citigroup's treasurer
since September 2015. He is expected to join the German banking
giant in July. Born in Heidelberg, he has spent 25 years in
banking, in Europe, Asia and the U.S.
He will replace Deutsche Bank CFO Marcus Schenck, who will move
to co-head the investment bank and trading businesses. Mr. Schenck
was promoted to president and co-deputy chief executive of Deutsche
Bank in March, along with retail-banking executive Christian
Sewing.
Mr. von Moltke will join Mr. Schenck and Mr. Sewing on Deutsche
Bank's management board.
Citigroup CFO John Gerspach told employees in an internal memo
Friday that Mr. von Moltke was leaving. The U.S. bank named Joe
Bonocore and Loretta Moseman as interim treasury co-heads,
according to the memo, which was reviewed by The Wall Street
Journal. Its contents were confirmed by a spokeswoman.
Mr. von Moltke started his career at Credit Suisse First Boston
in London and worked at J.P. Morgan Chase & Co. and Morgan
Stanley before joining Citigroup in 2009. He was initially head of
corporate mergers and acquisitions, working to sell brokerage and
other assets and oversee acquisitions for the bank. In 2012, he
became global head of financial planning.
As Deutsche Bank CFO, he will face pressure to deliver intensive
cost-cutting as the lender attempts to revive its results in its
biggest businesses. Deutsche Bank completed an $8.5 billion capital
increase in April through its third share sale since 2013.
Deutsche Bank is still in restructuring mode, almost two years
after reshuffling most of its senior management under CEO John
Cryan and overhauling its biggest businesses, including the
investment bank.
Mr. von Moltke's experience at Citigroup during its
restructuring after the financial crisis, including his work on
companywide financial strategy, was a key factor in Deutsche Bank's
hiring decision, according to a person briefed on the matter. Mr.
von Moltke speaks German fluently, the person added.
At Citigroup, Mr. von Moltke oversaw efforts to find buyers or
joint-venture partners for assets the bank shed after the
crisis.
Mr. von Moltke's investment-banking résumé includes time
advising financial-technology clients, including as head of Morgan
Stanley's financial-technology advisory team.
Write to Jenny Strasburg at jenny.strasburg@wsj.com
(END) Dow Jones Newswires
April 28, 2017 08:46 ET (12:46 GMT)
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