Stefan Hoops has been named head of Deutsche Bank’s global transaction banking (GTB) division, replacing John Gibbons.

Gibbons leaves the bank to accept a new role outside of the industry, according to an official statement.

Hoops joined Deutsche Bank as a graduate in 2003 and has worked through a variety of leadership roles in sales, structuring and trading. He was most recently co-head of institutional and treasury coverage.

“GTB is a core strength of the bank and a critical element of our offering to clients. All of us on the management board want to see this business develop and grow in a controlled, purposeful way, and I am confident that Stefan has the skills and drive to take our GTB forward,” says head of corporate and investment banking, Garth Richie.

Gibbons had been in the role since 2016, which is when he joined Deutsche Bank from JP Morgan. He has previously worked for RBS, ABN Amro and the Bankers Trust.