- Steinmueller missed out on promotion to top management in 2015
- Deutsche Bank targeting Asia expansion as Europe growth cools
Deutsche Bank AG named Werner Steinmueller to be its top executive for the Asia-Pacific region and said he’ll become the first Hong Kong-based member of its executive board.
Steinmueller, 62, the German bank’s head of global transaction banking, will relocate to Hong Kong in the autumn, the Frankfurt-based lender said in a statement on Thursday. He will be succeeded by John Gibbons, who was most recently at JPMorgan Chase & Co.
Deutsche Bank Chief Executive Officer John Cryan is expanding his firm’s transaction banking and money management units in Asia as slower growth in Europe adds to pressure on the company’s returns. After taking the reins a year ago, Cryan replaced executives and hired experienced bankers, aiming to revive profit while also repair relations with regulators after a series of lapses.
Asia Pacific accounted for about 13 percent of the firm’s 33.5 billion euros ($37.2 billion) of revenue last year, making it the second-smallest of the five regions the bank gives figures for. Most of the region’s revenue was generated by the investment banking and trading unit.
While Steinmueller gained some responsibilities in Cryan’s first round of promotions in October, he wasn’t named to the executive board and was given a new boss. Jeff Urwin joined the executive board this year to oversee a newly-formed corporate and investment banking unit, which includes Steinmueller’s transaction-banking business.
Urwin, who is based in New York, has also recently been given more duties. He will assume executive board responsibility for the company’s business in the Americas, Deutsche Bank said earlier this month.
Steinmueller will remain chairman of the supervisory board of Deutsche Postbank AG, the German consumer lender that Deutsche Bank wants to sell. His promotion is subject to approval by the company’s supervisory board as well as that of its regulators.
Gibbons, who is expected to join in October, was most recently the regional executive for Europe, the Middle East and Africa and global head of banks and broker dealers for treasury services at JPMorgan, according to the statement. The 56-year-old, who will be based in London, previously worked at Deutsche Bank and Bankers Trust, a business it acquired in 1999, from 1992 to 2001, the company said.
Deutsche Bank’s transaction-banking unit, which manages payments for companies and finances trade, increased revenue 12 percent to 4.62 billion euros last year from a year earlier, company filings show.