Deutsche Bank Names Citigroup's James Von Moltke Chief Financial Officer -- 2nd Update
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.
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(END) Dow Jones Newswires
April 28, 2017 07:46 ET (11:46 GMT)