Deutsche Bank AG has named Citigroup Inc. Treasurer James von Moltke as its new Chief Financial Officer. Von Moltke, 48, is a former investment banker, and has been Citigroup’s treasurer since September 2015.
News reports said he will join Deutsche Bank in July. He replaces CFO Marcus Schenck, who will become co-head the investment bank and trading businesses. In March, Schenck was named deputy chief executive officer under Deutsche Bank CEO John Cryan.
Von Moltke began his career at Credit Suisse First Boston in London 25 years ago, and worked at J.P. Morgan Chase & Co. and Morgan Stanley before joining Citigroup in 2009, according to Deutsche Bank.
As CFO at Deutsche Bank, reports say he will be charged with delivering intensive cost-cutting efforts because the bank suffered lackluster profit results in its biggest businesses. Earlier in April, Deutsche Bank completed an $8.5 billion capital increase through its third share sale since 2013.
Under Cryan, Deutsche Bank is still restructuring almost two years after it reassigned many of its senior management and overhauled its biggest businesses, including the investment bank.
At Citigroup, von Moltke worked in restructuring after the 2008 financial crisis and worked on company-wide financial strategy. Reports said this was a major reason why he was hired at Deutsche Bank.
Tags: Citigroup, Deutsche Bank, von Moltke