Deutsche Bank has appointed Raffael Gasser as Head of Wealth Management & Private Banking in Germany. In this business segment, the bank serves affluent and high-net-worth clients in its home market.

Gasser is moving from UBS in Zurich to Deutsche Bank, where he previously led the Northern European business for wealthy private clients. Before his time at UBS, he spent 14 years at Credit Suisse in various senior positions in wealth management, most recently as a member of the executive board of global wealth management and as head of the Private Banking International division for high-net-worth clients worldwide who were served in Switzerland. Prior to that, he served as CEO of Credit Suisse in Luxembourg, overseeing several European branches, and was previously responsible for the German market.

Predecessor Ousted Due to IT Debacle

According to a press release issued on Thursday, Gasser will take up the position on 1 November this year and will become a member of the Private Clients Bank's Management Board. He will report to Claudio de Sanctis, who is responsible for Private Clients Bank on the Management Board of Deutsche Bank.

At Deutsche Bank, Gasser's task will be to further integrate Private Banking and Wealth Management. «Throughout his career, Raffael Gasser has repeatedly merged business areas, consistently aligning offerings with customer needs, thereby enabling new business and growth,» said Claudio de Sanctis.

Gasser succeeds Lars Stoy, who has been responsible for Private Banking and Wealth Management since last year. At the same time, Stoy was also responsible for the of the Personal Banking segment of Deutsche Bank and Postbank.

Internally, Stoy was blamed for the IT transition debacle at Postbank, according to the Handelsblatt.