As per recent announcement made by Germany based multinational banking and financial services provider Deutsche Bank, Juerg Zeltner Chief Executive Officer of Luxembourg has been nominated to join the firm’s supervisory board. However, the decision is still pending regulatory approval for now. Zeltner is expected to replace Richard Meddings who has resigned from the regulatory body after being a part of the firm for nearly four years. In his new role as member of Supervisory board, Zeltner is said to be representing interest of Qatar’s royal family which owns 6.1% of the multinational banking giant and one of the largest shareholders of the firm. Regardless of his new role at the banking firm, Zeltner’s main designation is Chief Executive Officer and board member of Luxembourg based wealth management firm KBL.
KBL is an entity created from network of 50 private banks in Europe focusing on wealth management services, currently held as a private investment by Qatar’s ruling Al-Thani family. Founded back in 1949, KBL Luxembourg is a subsidiary of KBL European private bankers group publicly viewed as private banking lender which manages assets worth more than US$ 80 Billion for wealthy individuals, families, institutional and professional clients. Zeltner joined the firm back in May 2019, post resigning from UBS Wealth Management where he served as President of the business division during which he transformed the department as one of key revenue driving force for UBS group mostly sourcing income from clients in Asian market region. He joined UBS back in 1984 as an apprentice post which he slowly climbed up the corporate ladder all the way to a role in the firm’s global executive board. Deutsche bank’s decision to nominate Juerg comes from its search for new executives to appease the anger of its shareholders who have been frustrated by slow turnaround off late.
There are also reports in circulation hinting that the firm is on lookout for potential buyers for wider range of its assets especially when the firm is already making drastic decisions such as reduction of nearly 18000 jobs from some of its major business divisions namely – prime brokerage and equity derivative departments among others as part of its cost-cutting and restructuring drive. Paul Achleitner, Chairman of the supervisory board of Deutsche Bank AG commented on firm’s decision to nominate Zeltner stating, “In Juerg Zeltner we are gaining a Supervisory Board member who is a top-level European banker with proven expertise in both Wealth Management and Private & Commercial Client Business, as well as risk management”. It should be noted that Deutsche Bank is currently seeing many of its prominent higher management level executives resign from their roles over disagreements relating to restructuring move most notable of which were resignation from former deputy CEO Garth Ritchie and Ioannis Pipilis who served as former global head of fixed income department.
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