Deutsche Bank Names Citigroup's James Von Moltke Chief Financial Officer -- 3rd Update

By Jenny Strasburg Features Dow Jones Newswires

Deutsche Bank AG named Citigroup Inc. Treasurer James von Moltke, a former investment banker, as its new finance chief on Friday.

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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.

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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)