Deutsche Bank names Sewing confidant as top transaction banker
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Deutsche Bank has replaced its top transaction banker with a close confidant of chief executive Christian Sewing, in a move that demonstrates the executive’s tightening grip over the lender’s struggling investment bank.
The business unit, which in 2017 earned €3.9bn in revenue, plays a core role in Mr Sewing’s strategy to turn Deutsche Bank around. Its business — which includes cash management for corporates clients, trade finance and payments — ties up little capital and generates stable earnings.
Stefan Hoops is to replace John Gibbons with immediate effect, according to an internal memo to employees on Thursday seen by the Financial Times. Mr Gibbons, who joined Deutsche in 2016 from JPMorgan, will leave the bank for a role “outside the industry,” the memo said.
“We want to see this business develop and grow in a controlled, purposeful way, and I am confident that Stefan has the skills and drive to take our Global Transaction Bank forward,” wrote Garth Ritchie, head of Deutsche’s corporate and investment bank.
“GTB is a core strength of the bank and a critical element of our offering to clients,” he added.
A Deutsche Bank spokesperson confirmed the authenticity of the note.
GTB is one area Mr Sewing intends to expand, and an undisclosed sum of cash has been earmarked for investment in the division’s staff and IT.
Mr Hoops, 38 years old, began working at Deutsche Bank while still at university and formally joined the lender in 2003. He has held a number of positions in sales, structuring and trading, and was until Thursday co-head of Institutional & Treasury Coverage with Louise Kitchen.
“Stefan will . . . bring in the fresh thinking which is needed to create digital and platform solutions which are of increasing importance in today’s transaction banking,” wrote Mr Ritchie. Ms Kitchen will now take sole leadership of ITC.
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