Deutsche Bank make senior appointments within GTB

Deutsche Bank has announced two senior appointments within its Global Transaction Banking business.

Deborah Thompson has been named head of custody and clearing, having previously run Deutsche Bank’s European FX Prime Brokerage business within Global Markets. Thompson will report to Ajay Shah, who was named as interim replacement for Rafael Moral Santiago, former investor services head.

Global Custodian revealed last month that Santiago left Deutsche Bank to join HSBC Securities Services to lead its European Securities Services unit. A source confirmed a search is still on-going to find a permanent replacement for Santiago at Deutsche Bank.

Meanwhile, Stanislas Beneteau has been named head of investor services, having previously been co-head of Issuer Services Sales and head of depositary receipts. He will report to Kevin Weeks, head of institutional cash and securities services (ICSS) sales.

Both appointments will be effective immediately. The appointments come as Deutsche Bank seeks to accelerate client-facing activities within ICSS, particularly as the European Central Bank’s TARGET2-Securities initiative takes effect.

However, the hires also coincide as Deutsche Bank issued a warning on Wednesday that it is likely to incur a €6.2 billion net loss in the third quarter. It was reported the ECB was hinting Deutsche Bank would have to hold more capital against some of its business lines, most notably its investment bank.

Deutsche Bank will also set aside €1.2 billion to deal with on-going litigation costs, as well as write-downs over the value of its retail subsidiary Postbank, which it is hoping to dispose of. In a statement, Deutsche Bank added it would incur a €600 million charge for reducing its 19.99% stake in Hua Xia Bank in China, which it said was no longer strategic.