Leaked Deutsche Bank memo outlines management shake-up

Deutsche Bank internal note reveals plans for management overhaul in Global Transaction Banking division

Senior bosses at Deutsche Bank’s Global Transaction Banking (GTB) business will be allocated new roles from 1 January 2016.

According to an internal memo seen by The TRADE’s sister publication, Global Custodian, the move is ahead of a €1 billion cash injection into the business and will involve separating the Institutional Cash and Securities Services businesses.

Nearly a dozen senior managers are affected by the changes which will come into force in the New Year.

Senior figures such as Susan Skerritt – managing director and head of GTB Americas and Satvinder Singh – the current head of Institutional Cash and Securities Services – will be affected by the move.

Deutsche Bank’s GTB most senior staff will be repositioned to “strengthen senior management focus on risk and controls” and “lead to clearer lines of responsibility and accountability,” according to the memo.

Skerritt will assume control of the Institutional Cash Management segment, alongside her existing role and will continue to report to the senior leadership team in Frankfurt.

Securities Services will be led by Satvinder Singh, who will also operate as head of GTB EMEA, excluding Germany.

Michael Spiegel will continue to run the existing Trade Finance and Cash Management Corporates team, the third part of the GTB business.

In the memo to staff, Werner Steinmüller, head of GTB at Deutsche Bank, said: “My changes support the aim to continue to grow GTB by accelerating the growth of our product lines and our regions.

“Over the past two years, Satvinder Singh created Institutional Cash & Securities Services (ICSS) and developed it into a business that has delivered record growth and all-round momentum year-on-year.”

Steinmüller added: “Now, the Institutional Cash business is under more scrutiny by international regulators than ever before. Since a lot of key aspects are impacted most by US regulations I have appointed Susan Skerritt in New York as new head of institutional cash management which will be managed as stand-alone product line.”

Steinmüller has also made regional changes, naming Stefan Bender as head of GTB Germany, alongside his role as head of commercial clients Germany at Private, Wealth & Commercial Clients.

In Singapore, Lisa Robins will be head of GTB APAC and vice chair of corporate & investment banking APAC.

Moving away from GTB will be Rhomaios Ram, the former head of product management, who will now work on its digital strategy. His role will be now be taken on by four others.

Kirsten Kunz will lead product management for Trade Finance and Martin Runow take on the same role for Cash Management Corporates

Ying-Ying Tan will take responsibility for product management across Securities Services and report to Singh, while Christian Westerhaus will lead product management for Institutional Cash Management, reporting to Susan Skerritt.

In addition, Edward Budd, has been named GTB’s new chief digital officer and will report into David Watson, head of product development. Watson will be responsible for cross-divisional alignment under the new scheme.

The changes and €1 billion investment are all part of Deutsche Bank’s Strategy leading up to 2020. Watson will be steering the initiative heading up the transformation delivery function.

A spokesman for Deutsche Bank confirmed the details.