Deutsche Bank's new European wealth boss has made two key hires as part of a major restructure of the business.
Claudio de Sanctis, who joined from Credit Suisse as head of Deutsche Bank Wealth Management in Europe on 1 December, has hired Marco Pagliara from Goldman Sachs and Alessandro Caironi from Credit Suisse to help shape his vision.
Core to the restructure is the creation of a single wealth Europe Core Council, replacing the two former regional councils in Germany and EMEA. The firm has appointed eight leaders within this new structure.
Pagliara, who joins in June from Goldman Sachs where he headed the firm's Swiss and Continental European business, has been appointed head of of Northern & Eastern Europe, which includes the UK and the Nordic regions.
In the UK, he will work closely alongside Deutsche UK wealth boss Michael Morley (pictured below), who joined the business in 2017 after seven-year spell leading Coutts.
Meanwhile Caironi joins as head investment manager and sales management Europe and ultra-high-net-worth (UHNW) coordinator from Credit Suisse, where he held a number of roles, including head of advisory and sales.
The other five market leaders within the new Europe Core Council are:
Anke Sahlén, Germany central, east & west
Frank Schriever, Germany north & northwest.
Stephan Jugenheimer, Germany south & southwest.
Roberto Parazzini, southern & western Europe
Caroline Kitidis, head of institutional wealth partners Europe and Daniel Kalczynski, who will be in charge of the family office proposition, complete the eight-strong leadership team.
Deutsche said the restructure would allow it innovate and provide markets with tailored investment solutions.
Pagliara will tasked to turn Deutsche into the 'go-to bank' for sophisticated UHNW clients with complex and international needs based in the UK, alongside the Nordics and a number of select countries in northern and eastern Europe.
Deutsche also aims to become the 'primary private bank' for wealthy entrepreneurs and families who look for an international partners in Italy and Spain.
It is also aiming to extend its reach across emerging Europe, including Poland, Greece, Turkey, Israel and Russia.
In a note sent to employees de Sanctis outlined his vision.
'Today marks a fresh starting point in our journey towards becoming the pre-eminent pan-European wealth manager,' he wrote.
'The desired outcome of this journey is clear, and it could not be any closer to the heart of Deutsche Bank Group: to achieve growth in our European home markets and to grow profitably in our businesses that have a recurring revenue profile.'