Deutsche Bank, based in Germany, has doubled the capacity of Richard Stewart by appointing him as the Group Treasurer of the multinational investment bank.
Currently, Stewart is the Head of the Capital Release Unit of Deutsche Bank and reports to Rebecca Short, the bank’s Chief Transformation Officer.
However, in his new role, which will take effect next Monday, September 19, he will report to James von Moltke, the bank’s Chief Financial Officer (CFO).
von Moltke in a statement from Deutsche Bank praised the executive for his contribution to the investment company’s transformation.
Additionally, the CFO expressed confidence in Stewart’s qualification for the role and lauded his experience and achievements in capital and balance sheet management.
“Under Richard’s leadership, the Capital Release Unit continued to reduce leverage exposure and risk-weighted assets, freeing up capital from non-strategic activities, while simultaneously delivering substantial cost reductions,” von Moltke said on Stewart's experience in his current role.
Speaking about his appointment, Stewart noted that he was looking forward to building on the successes the team has achieved in the past few years.
The “Treasury has played a vital role in supporting Deutsche Bank’s transformation agenda, delivering capital and balance sheet strength, achieving significant improvements in resource efficiency and cost of funding as well as completing a string of successful capital market issuances. This gives us a strong platform for the future,” he explained.
Recent Moves
In March, Deutsche Bank promoted von Moltke, who still serves as the CFO, to the position of President. He acts in the capacity of President alongside Karl von Rohr.
“James von Moltke has done outstanding work as a CFO over the past five years and has played an important role in the successful transformation of Deutsche Bank,” said Paul Achleitner, the Chairman of the Deutsche Bank Supervisory Board.
Meanwhile, Asoka Woehrmann, the Chief Executive Officer of DWS Group, a German asset manager and Deutsche Bank subsidiary, resigned from his position in June.
This followed allegations that the group was engaging in ‘greenwashing’ by exaggerating the sustainable credentials of certain funds it had sold.
