Deutsche Bank has announced the restructuring of its global transaction banking (GTB) team, partly to improve risk management.
In an internal memo seen by GTR, Werner Steinmüller, head of global transaction banking, explains that the changes, effective from January 1, 2016, “will strengthen senior management focus on risk and controls and will lead to clearer lines of responsibility and accountability”, as well as supporting the growth of the GTB department.
The main change is that institutional cash and securities services, which used to form one department, will be split into two. This move reflects the increased scrutiny that has been placed on institutional cash, mostly by US regulators – hence the appointment of a New York-based banker to head the new division.
As of the start of 2016, institutional cash management will be led by Susan Skerritt (who will also be head of GTB Americas), securities services by Satvinder Singh (also head of GTB Emea except Germany), and trade finance and cash management corporates by Michael Spiegel. Moreover, Stefan Bender will be head of GTB Germany, and Lisa Robins head of GTB Asia Pacific.
Trade finance changes
Within Spiegel’s department, Daniel Schmand has been appointed head of trade finance, and Shahrokh Moinian as head of cash management corporates, in addition to his existing role as head of global solutions.
Together they will manage the establishment of front-to-back accountability for product and platform delivery; the acceleration of product development; the harmonisation of global processes; and risk controls.
Additionally, the bank has confirmed Angela Potter’s new role as head of trade finance and cash management corporates for Emea (excluding Germany), after she joined from RBS in late 2015.
Other regional trade finance heads remain in place, including Lothar Meenen for Germany, Kaushik Shaparia for Asia Pacific, and James Volkwein for the Americas.
As part of the restructuring, Rhomaios Ram, head of product management for GTB, will move to another area of the bank to work on its digital strategy. Product management responsibilities, which had so far been cross-divisional, will be integrated into the GTB business. In particular, Kirsten Kunz will lead product management for trade finance, reporting to Schmand, and Martin Runow will oversee product management for cash management corporates, reporting to Moinian.