JPMorgan Hires From Deutsche Bank’s Geneva Wealth Businessby
Matteo Gianini joins JPMorgan to advise wealthy clients
Deutsche Bank’s assets fell last year after outflows
Gianini will oversee JPMorgan’s Swiss-based clients from offices in Geneva and report to Pablo Garnica, head of private banking in Europe, the Middle East and Africa, the company said in a statement on Wednesday. He was previously head of wealth management at Deutsche Bank’s Swiss unit.
“Matteo’s deep understanding of the Swiss market, extensive background in relationship management, business acumen and overall leadership are sure to be invaluable as we grow our presence in Switzerland,” Garnica said in the statement.
JPMorgan is hiring in Geneva after several other global lenders such as Bank of America Corp., Morgan Stanley and Royal Bank of Scotland Group Plc exited the Swiss wealth-management market. JPMorgan’s Swiss private bank manages 37.7 billion Swiss francs ($38 billion) for clients, Jason Lobo, a spokesman for the company in London, said in an e-mail.
Gianini’s departure is a further blow to the German lender’s wealth-management business. Wealth-management client assets at Deutsche Bank Suisse SA fell 6 percent to 42.8 billion francs last year, after an outflow of 611 million francs, according to the annual report. The unit also agreed in November to pay $31 million to receive a non-prosecution agreement in a U.S. probe of banks in Switzerland that helped Americans evade taxes.
Deutsche Bank’s Geneva unit is a key booking center for the firm’s affluent clients from the Middle East, who flock to the lakeside Swiss city every summer on vacation. Geneva banks also specialize in storing wealth from commodities-rich countries in Africa and Latin America, as well as managing cross-border assets for other business owners and inheritors.
Revenue from wealth management globally dropped 8 percent to 498 million euros ($554 million), Deutsche Bank AG said in a presentation in April. Gianini spent almost 14 years at Deutsche Bank, according to his LinkedIn profile.