When Deutsche Bank announced its first quarter results in February, it was ambiguous about its plans for jobs. On one hand, CEO Christian Sewing said the bank couldnt guarantee that it wouldnt be reducing headcount. On the other, Sewing said it wanted to grow. Two months later, theres less ambivalence: Deutsche Bank is still hiring, and its doing so from Credit Suisse.Deutsche has spent millions hiring from its Swiss rival. The German bank is known for paying comparatively high salaries of around $500k to managing directors. Its recruited at least 10 senior people from Credit Suisse in the past six months.Nor is stopping now. Alessandro Pelleriti, the Credit Suisse credit

When Deutsche Bank announced its first quarter results in February, it was ambiguous about its plans for jobs. On one hand, CEO Christian Sewing said the bank couldnt guarantee that it wouldnt be reducing headcount. On the other, Sewing said it wanted to grow. Two months later, theres less ambivalence: Deutsche Bank is still hiring, and its doing so from Credit Suisse. Deutsche has spent millions hiring from its Swiss rival. The German bank is known for paying comparatively high salaries of around $500k to managing directors. Its recruited at least 10 senior people from Credit Suisse in the past six months. Nor is stopping now. Alessandro Pelleriti, the Credit Suisse credit trader who resigned in February, has just joined Deutsche Bank. So too has William Mansfield, Credit Suisses recently promoted head of EMEA M&A. So too has Lim Zi-Kuan, Credit Suisses head of M&A for South East Asia, who joined Deutsche Bank as head of M&A for Asia after resigning earlier this month. Deutsche Banks latest flotilla of post-UBS Credit Suisse hires comes after all the other people it hired from CS as the bank began sinking below the surface. They include: Karen Miles, Credit Suisses ex- EMEA head of high yield trading; Diego Discepoli, the ex-head of Credit Suisses global credit products business in EMEA; Jonathan Moore, the incredibly popular person once in charge of global credit at Credit Suisse; and Vivek Nahar, once of Credit Suisses top producers and the former head of high yield sales. While Deutsche is likely to have picked up some of these people cheaply (Nahar was inexplicably let go by CS, for example), it will also have bought others out of their cash bonuses, which are repayable plus income tax when people leave. Markets professionals at Credit Suisse didnt receive much in the way of bonuses for last year, but bankers were better rewarded as the bank sought to retain them for the deceased CS First Boston project. Deutsche is unlikely to be done with its CS hiring. People like John Estrada, Credit Suisses global head of FX, could also be on its shopping list. Russell LaScala, Deutsches London-based head of FX retired this month and although his seat has been filled internally, DB may feel that its worth availing itself of more cheap talent from its struggling soon to be ex-rival.

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Basile is a Managing Director at Deutsche Bank, a position he has held since July 2009. Prior to this, he served as a Director at UBS from July 2001 to July 2009.

Tobias is currently the Co-Head of EMEA Investment Banking Coverage (excluding DACH) at Deutsche Bank, a position he has held since September 2024. He joined Deutsche Bank in July 2017 as a Managing Director and Head of Nordic Corporate Finance. Prior to this, he served as Managing Director and Co-Head of Power, Utilities & Infrastructure for EMEA at UBS from September 1999 to June 2017.

Tobias earned a Bachelors degree in Management Sciences from the University of Warwick - Warwick Business School, where he studied from 1996 to 1999.

Raffael Gasser has been named by Deutsche Bank to lead wealth management and private banking in Germany. The bank provides services in this sector to clients in its home market who are wealthy, and ultra-high net worth. With effect from 1 November 2024, Gasser will take up the role and join the Private Bank Executive Council. The member of the Deutsche Bank Management Board in charge of the private bank, Claudio de Sanctis, will be his supervisor. Gasser worked at UBS in Zurich, where he oversaw the companys business with affluent clientele in Northern Europe. Before joining UBS, he worked for Credit Suisse for 14 years in a variety of high-level roles related to wealth management. Previously, he served as the Head of Private Banking International, the division that catered to the needs of affluent global clients under Swiss management, and as a member of the Management Committee of Global Wealth Management. Before that, he held the position of CEO of Credit Suisse in Luxembourg, where he oversaw the German market in addition to several other European subsidiaries. The Swiss citizen launched his career in 2002 at Goldman Sachs, followed by a stint at McKinsey & Company from 2003 until 2009, where he worked on corporate finance and banking. Furthermore, Gasser will be moving to Frankfurt and will collaborate closely with Dominik Hennen, head of personal banking at Deutsche Bank and Postbank, who is in charge of the companys whole retail division. Hennen, who serves on the Private Bank Executive Council, also reports to Sanctis. Hennen will momentarily lead private banking until Gasser arrives, while Stefanie RÃ¼hl-Hoffmann, head of the team for ultra-high-net-worth individuals (UHNWIs), will take up brief oversight of wealth management in Germany. Sanctis stated: "Throughout his career Raffael has combined business areas several times, has consistently aligned the offering to the needs of the clients and has thus enabled new business and growth. With his deep knowledge of the German market, he brings the best experience to lead our business in the home market into the next phase: As the clear market leader among affluent and wealthy clients in Germany, we now want to continue to grow through a closer integration of Private Banking and Wealth Management. I am looking forward to further driving our strategy together with Raffael." Gasser added: "It is a unique mandate to lead Deutsche Banks Private Banking and Wealth Management as market leader in its home market. I am convinced that we can further expand our leading position through outstanding personal advice in combination with digital channels and data analysis. In addition, there is great potential in the comprehensive offering of the Global Hausbank and in connecting the Private Bank, Corporate Bank and Investment Bank, which is of particular interest to family entrepreneurs. I am pleased to join my new colleagues and the banks excellent advisors and to give our best for our clients every day." "Deutsche Bank hires head of wealth and private banking in Germany" was originally created and published by Private Banker International, a GlobalData owned brand.

Raffael Gasser to Lead Deutsche Bank Wealth Management in Germany

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Head of Wealth Management & Private Banking, Germany

Raffael is currently the Sector Head Northern Europe High Net Worth and Private Clients at UBS, having joined the company in September 2023. Prior to UBS, he held various roles at Credit Suisse from April 2012 to September 2023, including Head Private Banking International, CEO Luxembourg, Managing Director, COO IWM Europe, and various director positions in Germany and Austria. Before his time at Credit Suisse, he was a Senior Vice President at Clariden Leu from September 2009 to April 2012. Raffael also has experience as an Engagement Manager at McKinsey & Company from July 2003 to August 2009 and as a Financial Analyst at Goldman Sachs in the early 2000s.

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