Deutsche Bank has hired former Goldman Sachs derivatives manager Caroline Kitidis to work with wealth management clients in the U.S., according to a recent article from Fundfire.
Kitidis’ hire marks part of the German banking giant’s effort to step up its wealth management arm to keep pace with rival European banks UBS and Credit Suisse. Kitidis joined Goldman in 1998, according to the Financial Industry Regulatory Authority, and Goldman made her a managing director in 2009, the article stated.
As part of its efforts to bolster the wealth management business, Deutsche co-CEO Anshu Jain tapped Michele Faissola, one of his deputies in investment banking, to run Deutsche’s newly-combined wealth and asset management business last year. Jain said last month he is also personally attempting to boost the wealth arm, meeting with leading clients to help generate business, Bloomberg reports. The bank is aiming to attract 50 percent more ultra-high-net-worth clients with at least $39 million to invest by 2015. In order to meet these goals Deutsche has been on a recent hiring spree, adding at least 10 professionals to its asset and wealth management unit.