Deutsche Bank raids rival talent to target European wealthy

A sign above the entrance to a Deutsche Bank branch in Frankfurt. Picture: BLOOMBERG

The hire from one of Deutsche Bank’s key rivals comes as numerous lenders in Europe tilt toward the more stable revenues produced from managing money for the wealthy. The bankers, who are largely based in Italy, resigned from Credit Suisse on Monday, according to people familiar with the matter. The bank is scaling up investment in the wealth management unit, led by Fabrizio Campelli. The new hires will join the European business headed by Claudio de Sanctis, who moved from Credit Suisse in 2018. Roberto Colleta will head the Italian team, as well as leading Deutsche Bank wealth management in the country, the people said.Deutsche Bank offered some bankers pay increases of up to 40% as well as matching their 2018 bonuses, according to people familiar with the matter.

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