Dinkar Jetley, head of Trust and Securities Services and Cash Management for Financial Institutions, Global Transaction Banking, at Deutsche Bank in London, is leaving the bank.
Custody was only one of four businesses run by Jetley, and Deutsche Bank has moved quickly to appoint a senior figure as a temporary replacement while it seeks a permanent successor to him from inside or outside the bank. He is Werner Steinmller, the head of the Global Transaction Banking division.
The 57-year-old Steinmller has served as a member of the Group Executive Committee of the bank since 2009. He is also a member of the Global Banking Executive Committee, and has complete responsibility for cash management, corporate trust, securities services, trade finance and risk management products on a global basis.
It is understood that the departure of the 50-year-old Jetley is a largely personal decision, which reflects the demands of a young family, and a desire to seek new challenges. However, news of his departure will fuel external speculation about political in-fighting at Deutsche Bank, which has rediscovered its ambition in the securities services.
During Jetleys 6-year tenure, the business grew consistently, and he is leaving behind solid momentum. The departure of Jetley, who joined Deutsche Bank 11 years ago, is the latest in a series of departures from the Trust and Securities Services division of the German bank. Michael Gedigk, the long-serving New York-based global head of client management and origination, was the first to leave in July last year. He was followed by Rob Scott, co-head of global sales and relationship management, shortly before Christmas.
Prior to Jetleys departure, the most senior departure came in January this year when Roger Harrold, the Singapore-based global head of direct securities services and a man who had passed his entire career at Deutsche Bank, resigned rather than comply with an invitation from Jetley to move to London.
An engineer by background, Steinmller worked for Citi in Frankfurt from 1980 to 1991, rising to head of corporate finance in Germany for the American bank before joining Deutsche as a director in corporate finance, responsible for the origination of all investment banking products and for the execution of equity capital markets transactions.
He served as Head of Corporate Relationship Management for Continental Europe in 1998 and prior to this he was Co-head of the Investment Banking Division for Germany. From 2003 to 2004, as Chief Operating Officer he was responsible for the Global Banking Division and Global Transaction Banking. Steinmller has served as head of the Global Transaction Banking division since 2004.