Citigroup's private bank hired Thomas Steffen as a senior private banker ernannt, the American bank said in a statement. Steffen will report to Thomas Schlaus, who runs the team.

Steffen joins from Deutsche Bank in Switzerland, where he was responsible for ultra-high net worth private banking clients, entrepreneurs, and single family offices in German- and Italian-speaking Switzerland. He began his career in finance more than 30 years ago and has worked with institutional as well as private clients in the U.S., Europe, and Switzerland for both Swiss and American banks.

Second Raid

Steffen is the second private banker Citi has poached from Deutsche since last month – Schlaus himself was the first. «We are strengthening our commitment to the Swiss market, marking the next step in the transformation of our Zurich franchise into the leading foreign private bank in Switzerland,» James Holder, Citi's private banking head in northern Europe and for family offices, said in a statement.

The American bank has been in Switzerland, which manages roughly one-third of all offshore wealth in the world, since 1963.