The German bank has recruited 13 wealth professionals to join its wealth management arm in Italy.
The hires join from Credit Suisse’s Italian business.
The news comes swiftly on the heels, however, of Deutsche announcing it is to cut 18,000 jobs, globally.
The team will be led by Roberto Coletta, named head of wealth management Italy, who left his role as head of ultra-high net worth (UHNW) individuals at Credit Suisse.
He will be responsible for the Italian UHNW and high net worth clients and for the wealth products and services platform in the country.
Strategic pattern
The hires come just a few months after Deutsche Bank introduced a lending and investment team for UHNW clients, targeting American, European and emerging markets.
But Coletta and his team are not the only ones to move over to the German bank from Credit Suisse Italy.
In August 2018, Claudio de Sanctis, Deutsche’s current head of Europe, joined the firm in a newly created role, leaving his position as head of private banking, Europe at the Swiss company.
De Sanctis said: “The arrival of Roberto Coletta as head of the Italian team is another important step in the broader global growth strategy of [Deutsche] Wealth Management, which includes hiring 300 new relationship and investment managers by 2021.
“One of our main areas of focus is Europe, where we want to expand our client base and contribute to the growth of Deutsche Bank Group, based on our reputation for outstanding service and our well-established relationships with families and entrepreneurs here, especially in Germany, in southern Europe, led by Italy, and in the UK.”
