People Moves
Deutsche Sets Sights On Latam Wealth; Hires From Rival

A top figure at HSBC's private banking arm is moving to Deutsche in the Americas, this publication has learned.
(An earlier version of this news item was published yesterday on Family Wealth Report, sister news service to this one.)
Deutsche Bank
is pushing its plans to boost wealth management in the Americas
by hiring the head of HSBC Private Bank International, George
Crosby, this publication has learned. Crosby, who becomes the new
head of wealth management for Latin America at Deutsche, takes on
the role on 15 October.
The move comes just over a year after the German lender’s wealth
arm said it intended to hire around 100 new client-facing
employees in high-growth markets worldwide, with investments also
in digital capabilities over the next 18 months. The wealth
business aims to build out client coverage of high net worth
individuals in Asia-Pacific, accounting for about half of total
hires, with the rest accounted for by managers covering
entrepreneurs in the US and ultra-high net worth clients in the
UK, Middle East and other parts of the Europe, Middle East and
Africa region.
And reported today in the Financial Times, Deutsche’s
Americas wealth head, Patrick Campion, said his firm plans to
“grow, grow, grow” its US wealth management division and expand
its team of relationship managers there by 25 per cent this
year.
Expansion in wealth management contrasts with how the bank has
cut certain operations, such as investment banking, to restore
its profit margins after a painful period of losses and stock
market losses.
Like Crosby, Campion is a former HSBC senior figure – he was
former chief executive of HSBC’s US private bank who joined
Deutsche in 2016.
“We’re getting dollar investment going into the unit for
headcount . . . there’s great access to the management board,” he
was quoted by the FT as saying. “The growth
characteristics for our market is strong and it makes sense to
invest in the US,” he said.
Campion reportedly said he planned to hire bankers “who have a
heritage of building strong books” from New York to California to
Miami. His division is also “looking at” potential hires from the
investment bank but had not yet made any.