Deutsche Bank has put a seasoned financial crime fighter at the helm of its institutional cash management (ICM) business following the retirement of trade finance stalwart Daniel Schmand.

Patricia Sullivan stepped up to the role of global head of ICM on January 1, after around 2.5 years as the bank’s global head of financial crime and compliance business control.

Sullivan joined Deutsche Bank in mid-2021 following a series of financial crime compliance roles over 15 years spent at Standard Chartered and UBS. She remains based in New York and reports to David Lynne, head of the lender’s corporate bank.

Sullivan takes over the cash management role from Schmand, who is retiring this month after what Deutsche Bank says is a “remarkable career” spanning 36 years.

Schmand joined the German lender in 1989 and rose to become global head of trade finance and lending in 2016, a role he held until 2022, when he was appointed head of ICM and corporate banking.

Deutsche Bank has also announced the appointment of Tsvetanka Nankova as global head of sales for ICM and trade finance for financial institutions.

Taking on the role this month, Nankova reports to Sullivan and remains based in Frankfurt, where she was been head of corporate development and corporate bank chief of staff since June 2022. She joined the lender in 2016, from Wells Fargo.