There is a new head for the German wealth and private banking operation at the Frankfurt-listed bank.

Deutsche Bank has appointed former UBS and Credit Suisse senior figure Raffael Gasser head of wealth management and private banking for Germany.

The appointment takes effect from 1 November. Gasser will relocate to Frankfurt with his family and work with Dominik Hennen, head of personal banking, who oversees the broad retail business of Deutsche Bank and Postbank.

Deutsche Bank’s previous head of private banking in Germany, Lars Stoy, left earlier in September to become ING’s new CEO for Germany.

In his new role, Gasser will report to Claudio de Sanctis, who is the Deutsche Bank management board member responsible for the private bank.

“With his deep knowledge of the German market, he [Gasser] brings the best experience to lead our business in the home market into the next phase: As the clear market leader among affluent and wealthy clients in Germany, we now want to continue to grow through a closer integration of private banking and wealth management,” de Sanctis said.

At UBS, Gasser led the Northern European business with wealthy clients. Prior to UBS, he spent 14 years at Credit Suisse in senior positions in wealth management, most recently as a member of the management committee of global wealth management and as head of private banking international, the business unit for wealthy clients worldwide who were managed in Switzerland. Before this, he was CEO of Credit Suisse in Luxembourg responsible for various European branches and before that for the German market. 

A Swiss national, Gasser started his career in 2002 with Goldman Sachs, followed by a tenure at McKinsey & Company from 2003 to 2009 where he focused on corporate finance and banking.