Deutsche Bank is creating a new top management post to oversee the bank’s technology, as part of new CEO John Cryan’s battle to bring the stuggling bank under control.
Germany’s biggest lender has hired Pascal Boillat, currently head of operations and technology for US mortgage company Fannie Mae.
Boillat will be chief information officer and head of operations for corporate and investment banking.
It’s a newly created role, based in New York until the end of 2016. He will then move to London, according to an emailed statement from Deutsche Bank.
Boillat will report to Kim Hammonds, Deutsche Bank’s chief operations officer.
Hammonds said: “Pascal’s technical expertise and experience of implementing change across large teams will further strengthen our technology and operations leadership.”
The bank’s new CEO, John Cryan, has been focusing on improving the lender outdated processes as part of his overhaul of management. He highlighted the problem as far back as a memo to staff in July (emphasis ours):
Our cost base is swollen by poor and ineffective processes, antiquated and inadequate technology, too many tasks being completed using manual labour and, too frequently, unsuccessful investments in our infrastructure.
It’s something the bank dearly needs.
Deutsche Bank mistakenly paid $6 billion (£4 billion) to a hedge fund client in a so-called “fat finger” trade in June when junior staff put in too many zeros on a transaction, according to a report in the Financial Times earlier this year.
Luckily for Deutsche Bank, the client paid the money back.
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