Deutsche Bank has announced that Hugo Bänziger will step down as the firm’s chief risk officer (CRO), after being with the firm since 1996
Bänziger (pictured) joined as head of global credit markets in London after spells with Credit Suisse and the Swiss Federal Banking Commission. He was appointed chief credit officer in 2000, and became CRO and member of the bank’s management board and the group executive committee in 2006.
Clemens Börsig, Deutsche Bank’s chairman of the supervisory board, praised Bänziger’s contribution to the firm during his time there, and said he had “played a crucial role in helping the bank through the financial crisis”. Deutsche Bank won Risk’s bank risk manager of the year award in 2011.
Bänziger leaves the bank on May 31, and will be replaced by Stuart Lewis, deputy CRO since 2006. Lewis also joined Deutsche Bank in 1996, and became global head of the bank’s loan exposure management group in July 2005. As well as deputy CRO, Lewis was also head of risk for the corporate and investment bank under Anshu Jain, who has been designated as co-chairman of the management board and the group executive committee.
As part of a broader management reshuffle, Michele Faissola will switch from his role as global head of rates and commodities in London and is now designated as head of asset and wealth management. Colin Fan also moves from head of global credit trading in London to become co-head of corporate banking and securities and head of sales and trading. His fellow co-head of corporate banking and securities, Robert Rankin, is currently chief executive of the bank’s Asia-Pacific business, and has also been designated as head of corporate finance.
The announcement came on the same day Germany’s largest bank announced it would expand its Group Executive Committee from 12 to 18 members from June, and that current GEC members Kevin Parker, head of asset management, and Pierre de Weck, head of private wealth management, would stand down as GEC members from the end of May – the day of Deutsche’s Annual General Meeting.
Josef Ackermann, chairman of the management board and the Group Executive Committee, said: “I am deeply grateful to Pierre and Kevin for their longstanding service to our bank and their outstanding contributions to its success. Pierre has built a world-class private wealth management. Kevin has greatly developed our asset management over the years and turned it into an increasingly profitable business.”
Parts of this article were first published on Risk