Deutsche Bank AG (DBK.XE) 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, replacing CFO Marcus Schenck, who will move over to co-head the investment bank and trading businesses. Mr. Schenck in March was promoted to deputy chief executive officer under CEO John Cryan.
Mr. von Moltke was born in Heidelberg and educated in Germany and the U.K. He started his career at Credit Suisse First Boston in London 25 years ago, and worked at J.P. Morgan Chase & Co. and Morgan Stanley before joining Citigroup in 2009, according to Deutsche Bank.
As CFO at Deutsche Bank, he'll be under 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.
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(END) Dow Jones Newswires
April 28, 2017 06:56 ET (10:56 GMT)