(Bloomberg) -- Deutsche Bank AG hired a 14-year veteran of Goldman Sachs Group Inc. for its private-banking arm as part of the German firm’s push to serve more wealthy individuals in the US.
Rod Colburn is joining Deutsche Bank’s international private bank as a managing director and senior relationship manager, according to a memo to staff seen by Bloomberg. Colburn will report to Anthony Valvo, the unit’s market head for New York and the US Southeast.
After earlier stints at Citigroup Inc. and Bank of America Corp.’s U.S. Trust, Colburn joined Goldman Sachs in 2008. While at Goldman, Colburn originated more than $10 billion in loan transactions as part of the firm’s efforts to build out its lending business within the private bank, according to the memo. A spokesman for Deutsche Bank confirmed the contents of the memo.
Separately, Deutsche Bank named Thomas Klemm head of deposits for the international private bank in the Americas as Charlie Burrows focuses on overseeing the unit’s development in the US Southeast. Klemm also will remain in his role as a chief operating officer for the division.
Deutsche Bank has looked to its international private banking arm for help with boosting loan and deposit growth in recent quarters. The division generated 1.7 billion euros ($1.7 billion) in revenue in the first six months of the year, up 3% from a year earlier.
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