- German lender wants to modernize 'antiquated' infrastructure
- Boillat's move follows bank's hires from Goldman Sachs, RBS
Deutsche Bank AG, which is overhauling its information technology systems, hired a senior expert from U.S. mortgage finance company Fannie Mae to lead the effort at its new corporate and investment bank.
Pascal Boillat, head of operations and technology at government-sponsored Fannie Mae, will join as chief information officer of the unit in February, the company said in a statement on Tuesday. He will report to CIO Kim Hammonds, who was earlier promoted to chief operating officer starting in January.
Co-Chief Executive Officer John Cryan is overhauling the bank’s computer systems as part of a plan to cut costs and improve returns. Eliminating “antiquated” technology will help avoid overlap, meet regulatory reporting requirements and help catch misconduct that has resulted in fines, the bank says.
Boillat, who will also be head of operations at the CIB unit, will be located in New York before moving to London at the end of 2016, according to the statement.
Before joining Washington D.C.-based Fannie Mae, which facilitates housing ownership in the U.S. by buying mortgages, Boillat was responsible for technology solutions for institutional, retail and prime brokerage operations at Citigroup Inc., according to Deutsche Bank.
The move is the latest in a series of senior hires in Deutsche Bank’s IT operations, including staff from Goldman Sachs Group Inc. and Royal Bank of Scotland Group Plc, according to company filings.