Deutsche Bank AG, Germany’s biggest bank, hired Matt Montana to head equity trading in the Americas for its asset and wealth management division.
Montana, who was previously employed at Bank of America Corp. for 25 years, will be based in New York and report to Joshua Friedberg, head of trading for the Americas, according to a press release. Deutsche Bank has hired at least 10 people recently for its asset and wealth management group in a push to boost profits from advising the ultra-wealthy.
“We continue to strengthen our trading team,” Friedberg said in a statement. “Matt has deep market knowledge from his background as a highly experienced trader and he will be an integral part of the team.”
Montana was among more than 30 trading and sales employees dismissed from Bank of America in March, people with direct knowledge of the moves said at the time. The Charlotte, North Carolina-based lender was seeking to reduce compensation costs, said one of the people, who asked not to be identified because the moves weren’t announced.
Deutsche Bank was the eighth-largest wealth manager globally last year, with $387.3 billion of managed assets, Scorpio Partnership, a London-based research company, said last month. UBS topped the ranking with more than $1.7 trillion of client funds. Swiss or American firms accounted for 13 of the top 20.
Deutsche Bank’s asset and wealth management division oversaw $1.2 trillion globally as of June 30, according to the statement.
In June, Deutsche Bank listed 10 recent hires it made to the group, including Raphael Zagury as head of key client partners and wealth investment advisory for Latin America. Zagury was previously in charge of creating derivative investments for wealthy clients at Bank of America Corp.’s Merrill Lynch unit.