Deutsche Bank Names Citigroup's James Von Moltke Chief Financial Officer -- 5th Update
Deutsche Bank AG named Citigroup Inc. Treasurer James von Moltke, a former longtime investment banker, as its new finance chief on Friday.
Mr. von Moltke, 48 years old, has been Citigroup's treasurer since September 2015, based in New York.
The German banking giant expects him to start in July, replacing CFO Marcus Schenck, who will move over to co-head the investment bank and trading businesses.
Born in Heidelberg, Mr. von Moltke attended boarding school near Munich before studying philosophy and German literature at the University of Oxford. He has spent 25 years in banking, in Europe, Asia and the U.S., the last eight of them at Citigroup. This will be his first job in Germany.
Mr. Schenck was promoted in March, along with retail-banking executive Christian Sewing, to co-president positions, reporting to Chief Executive John Cryan. Mr. von Moltke will join them on Deutsche Bank's management board, becoming its 11th member.
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 services 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 meet intensive cost-cutting and financial targets, 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.
Other areas that Mr. von Moltke will tackle include risk management in Deutsche Bank's big derivatives book, often cited by analysts as one of the industry's most complex. Deutsche Bank also has to contend with the intricacies of German accounting rules and translating them for investors and clients outside the country.
Meanwhile, Deutsche Bank is still in restructuring mode, almost two years after reshuffling most of its senior management under Mr. 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.
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.
He will continue at Citigroup for a period before moving to Frankfurt with his family, according to a person familiar with his plans.
Write to Jenny Strasburg at jenny.strasburg@wsj.com
(END) Dow Jones Newswires
April 28, 2017 10:45 ET (14:45 GMT)