Bloomberg reports that Faissola was put in charge of Deutsche Bank’s newly combined asset and wealth management division in June when Anshu Jain and Juergen Fitschen took over as co-chief executive officers of the Frankfurt-based lender. Faissola, 43, will name his leadership team next week as he sets about cutting $902m of costs to more than double the unit’s profit by 2015.
Banks are searching for alternate sources of revenue as Europe’s sovereign-debt crisis and stricter regulation curb investment-banking profits. Faissola must turn a tide of client redemptions in asset management after a failed sale of some units earlier this year, while competing with firms such as UBS of Zurich that are redoubling efforts to lure rich clients.
'This is one of the toughest management challenges and largest turnarounds that we have', Jain, 49, said in an interview. 'Michele is very much being entrusted with a critical mission for us'.
Faissola, who has known Jain since 1995 and reported to him since 2000, was named head of the new unit after helping expand Deutsche Bank (DBK)’s rates and commodities operations and building the exchange-traded funds business from its inception, Jain said. He’s succeeded in each of the challenges, according to the co-CEO.
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