Deutsche pushes wealth cross-selling with Credit Suisse hires
The top two bankers responsible for overseeing the cooperation between Credit Suisse's investment banking and wealth management operations in the US and Europe have left to join Deutsche Bank as it moves to replicate its Swiss rival’s cross-selling model.
Robert-Jan Kalff, who was responsible for coordinating cross-selling between Credit Suisse’s European investment banking and wealth management businesses, will form a similar unit in Deutsche Bank’s London office, designed to ensure closer ties between the two groups.
His hire comes just months after Deutsche Bank hired Chip Packard, Kalff’s New York-based colleague at Credit Suisse, to lead its coordination efforts in the US and the formation of a similar unit in the bank's Frankfurt office.
Deutsche Bank said in a statement: “Our investment in this business builds upon already successful efforts in Germany and the United States, and we are pleased that Robert has joined our team to build a similar model from London.”
Top Deutsche Bank managers, including David Fass, head of global banking, and Johannes Baratta, global head of key clients for private wealth management, are behind the move to foster closer links between the two businesses, which has already had proved profitable at Credit Suisse.
Credit Suisse began encouraging cross-referrals between investment banking and wealth management two years ago and has already introduced innovations such as a separate bonus pool to reward corporate financiers who recommend clients to its private bank and vice-a-versa.
In the first half of this, revenues from cross-divisional collaboration at Credit Suisse are estimated to have hit Sfr2.5bn (€1.5bn), but the Swiss bank forecasts they could reach Sfr10bn by 2010.
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