Deutsche Bank (NYSE: DB), a German financial services giant, hired today four bankers from another banking giant, HSBC, to build up its private team in Africa. According to an internal memo cited by Reuters, the executives will help the German bank\u2019s private banking business in the continent.<\/p>\n
The memo noted that Paul Sayers would lead the team as head of Deutsche Bank\u2019s International Private Bank Africa, alongside three team members, starting December 1 this year. All the bankers will be settled in Zurich, Switzerland. \u201cThe Middle East and Africa region offers a significant growth opportunity,\u201d the internal memo highlighted.<\/p>\n
However, the memo didn\u2019t disclose the names of the other three members of Africa\u2019s private banking business of the German financial services giant.<\/p>\n
The maneuver comes as a surprise despite cutting around 18,000 members of its staff as part of a restructuring process that took place in 2018. Deutsche Bank also praised its \u2018strong presence\u2019 in countries like Nigeria, Egypt, and South Africa. Moreover, it pledged to strengthen and diversify its IPB client book in the region.<\/p>\n
Also, other appointments were made today by Deutsche Bank, as it hired two senior bankers from BNP Paribas to join its strategy for expanding its UK investment bank. The news was revealed through another internal memo quoted by Financial News London. \u201cTheir appointments further underline the significant investment we have made to build a client-orientated UK Investment Banking business for the long term,\u201d Daniel Ross, Deutsche Bank\u2019s head of UK and Ireland investment banking, stated in the memo.<\/p>\n
Last month, Deutsche Bank released its financial results for the third quarter of 2021. In the last three months, Deutsche Bank\u2019s pre-tax profit reached EUR 554 million, which is 15% higher compared to the same period last year.<\/p>\n
In terms of net income, the figure jumped 6% YoY to EUR 329 million. Additionally, the German financial services giant highlighted a strong performance in its asset management division.<\/p>\n