Deutsche Bank replaces top transaction banker
(18 October 2018 – UK) Deutsche Bank has announced Stefan Hoops is to replace John Gibbons as head of the global transaction bank with immediate effect.
The business unit, which in 2017 earned €3.9 billion in revenue, plays a core role in chief executive Christian Sewing’s strategy to turn Deutsche Bank around. The Global Transaction Bank, which includes cash management for corporate clients, trade finance and payments, ties up little capital and generates stable earnings for Deutsche.
Garth Ritche, head of Deutsche’s corporate and investment bank said, “We want to see this business develop and grow in a controlled, purposeful way, and I am confident that Stefan has the skills and drive to take our Global transaction Bank forward.”
Mr Gibbons, who joined Deutsche in 2016 from JPMorgan, will leave the bank for a role “outside the industry.”
Mr Hoops has been co-head of institutional & treasury coverage with Louise Kitchen, however Ms Kitchen will now take sole leadership of ITC.
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