Coming from a distinguished lineage, James von Moltke’s appointment comes at a time when Germany’s prime lender is facing reputational challenges and a fledging securities trading business in the U.S.
As per a source close to the matter at hand, Deutsche Bank is expected to name James von Moltke as its new chief of finance.
Von Moltke will be replacing Marcus Schenck who will now take the role of co-head at Deutsche Bank.
When asked to respond to requests for comments, Deutsche Bank declined to comment.
Von Moltke joined Deutsche Bank, Germany’s flagship lender, when he left Citi, where he worked as treasurer from 2015. Before that he was looking after Citi’s financial planning and analysis division.
In 2009, Citi had hired von Moltke from Morgan Stanley, where his responsibilities included looking after financial technology companies, brokerages and exchanges.
Incidentally, Von Moltke’s lineage can be traced back to Helmuth von Moltke the Elder, the Prussian general who is widely seen as the architect of Otto von Bismarck’s military victories in his battles, including the Franco-Prussian war. He is also related to Helmuth James Graf von Moltke, a German who led a resistance group against Adolf Hitler.
Von Moltke joins Deutsche Bank after it managed to put behind it legal headaches amounting to $16.3 billion (15 billion euros). At the same time it has also managed to bolster its capital with an 8 billion euro rights issue.
Among his responsibilities in Deutsche Bank will be to chart the bank’s growth, which has been hampered by a low interest rates regime and stricter banking rules, at a time when the bank is facing reputational issues and when lenders are having an overly complex structure.
Deutsche Bank has reported a double digit in its profit in the first quarter of this year. Despite this note of positivity, its shares have been on a slippery slope and its securities trading business has continued to lag behind its U.S. rivals.