- Company split asset and wealth management business last year
- New asset management team may be named next week, person says
Deutsche Bank AG’s Dario Schiraldi and James Dilworth are leaving the German lender after co-Chief Executive Officer John Cryan broke up the firm’s asset and wealth management businesses, according to a person with knowledge of the matter.
Schiraldi and Dilworth are departing after their roles shrank as part of the split, according to the person, who asked not to be identified because the matter is private. Quintin Price, who runs the newly created asset-management business, will appoint his executive committee as early as next week, said the person.
Anke Hallmann, a spokeswoman for Deutsche Bank in Frankfurt, declined to comment. The departures were earlier reported by Frankfurter Allgemeine Zeitung.
Schiraldi spent about 17 years at the company’s securities unit before moving to asset and wealth management when the business was combined in 2012. He oversaw the unit’s business in Europe, the Middle East and Africa as well as ultra-rich clients and distribution. Dilworth joined in 2014 from Allianz SE as head of active asset management while also overseeing the combined investment unit’s operations in Germany.
Cryan, 55, who took over from Anshu Jain in July, is overhauling the company to reverse a share slump that has made the company the worst-valued global bank. Several executives have left the bank since October as the firm eliminates thousands of jobs and seeks to replace bankers who are associated with past misconduct such as the manipulation of benchmark interest rates.
Schiraldi was among six former and current Deutsche Bank executives Milan prosecutors accused last week of colluding with Banca Monte dei Paschi di Siena SpA to falsify its accounts, manipulate the market and obstruct the activity of authorities. Both Schiraldi and the bank declined to comment on the allegations.