- Potter formerly head of U.K. transaction services at RBS
- Bank boosting transaction unit as investment bank shrinks
Deutsche Bank AG hired Royal Bank of Scotland Group Plc’s Angela Potter to develop the bank’s trade finance activities around the world, according to an internal memo seen by Bloomberg.
Potter, who was head of U.K. transaction services at RBS, will help Germany’s biggest bank seek new clients as the British lender retreats from commercial banking outside of the U.K. Deutsche Bank has formed a committee, known informally as the “haggis” team, after the Scottish offal dish, to identify RBS customers it can win over, people familiar with the matter have said.
She joins as a managing director and reports to Daniel Schmand, head of trade finance and cash management corporates for Europe, the Middle East and Africa, the bank said in the memo. In turn, they work for Michael Spiegel, head of trade finance and cash management for corporates, and Werner Steinmueller, head of global transaction banking. The memo was confirmed by a bank spokesman.
Potter will “work on strategic projects including our country strategy,” Schmand said in an e-mail to staff. “With her long-standing expertise in banking and notably the transaction-banking space, Angela is well positioned to provide a fresh perspective on our strategic business priorities.”
Deutsche Bank’s Co-Chief Executive Officer John Cryan, 54, is boosting investment in the cash management and trade finance operations to counterbalance fading profits from its fixed-income focused trading arm. This week Cryan marked down the value of the securities unit because of rules that will force the company to hold more capital and warned bankers there to expect lower pay in the future. In contrast, he’s pumping an extra 1 billion euros ($1.1 billion) into the global transaction bank over the next five years.
On Thursday Deutsche Bank promoted Deborah Thompson to head of custody and clearing and Stanislas Beneteau to head of investor services, according to a separate internal memo seen by Bloomberg.