Deutsche Bank Names Citigroup's James Von Moltke Chief Financial Officer -- 2nd Update
April 28 2017 - 8:01AM
Dow Jones News
By Jenny Strasburg
Deutsche Bank AG on Friday named Citigroup Inc. Treasurer James
von Moltke, a former investment banker, as the German lender's new
finance chief.
Mr. von Moltke, 48 years old, has been Citigroup's treasurer
since September 2015. He's expected to join Deutsche Bank in July,
the lender said. Born in Heidelberg, he has spent 25 years in
banking, working in Europe, Asia and the U.S.
He'll replace Deutsche Bank CFO Marcus Schenck, who will move
over to co-head the investment bank and trading businesses. Mr.
Schenck in March was promoted to president and co-deputy chief
executive officer of Deutsche Bank, along with retail-banking
executive Christian Sewing.
Mr. von Moltke will join Messrs. Schenck and Sewing on Deutsche
Bank's management board.
He 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 initially was head of corporate
mergers and acquisitions, working to sell brokerage and other
assets and oversee acquisitions for the bank, and in 2012 became
global head of financial planning.
As CFO at Deutsche Bank, he'll face pressure to deliver
intensive cost-cutting as the lender attempts to revive lackluster
results in its biggest businesses. Deutsche Bank this month
completed an $8.5 billion capital increase 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 said.
At Citigroup, he oversaw efforts to find buyers or joint-venture
partners for assets the bank shed after the financial crisis.
Mr. von Moltke's investment-banking resume 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 07:46 ET (11:46 GMT)
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