Deutsche Bank’s advisor to CEO set to take over as Asia head and board member

REUTERS/Kai Pfaffenbach

A key adviser to Deutsche Bank Chief Executive Christian Sewing will join the management board and assume the helm of the lender’s business in Asia, the bank said on Thursday.

Alexander von zur Muehlen, currently head of strategy at the loss-making bank, will replace Werner Steinmueller, who is retiring in a long-expected move.

Von zur Muehlen, who has been with Deutsche since 1998, was instrumental in merger talks with rival Commerzbank, that were aborted and in plan to shed 18,000 staff in a 7.4 billion euro ($8.05 billion) overhaul.

Deutsche, still in the throes of that revamp, is expected to post a sixth consecutive loss this year, according to analysts, and is reeling from the shock of the coronavirus outbreak.

Deutsche believes Asia-Pacific, with 13% of the bank‘s revenue and 22% of staff, offers growth potential, particularly for its corporate bank as it serves German heavyweights like Siemens in the region.

Deutsche Chairman Paul Achleitner said in a statement that Von zur Muehlen “possesses all the skills and attributes needed to … further advance our regional strategy.”

The decision was finalised on Thursday at a meeting of the bank‘s supervisory board.

He will be based either in Singapore or Hong Kong and will assume responsibilities in August.

Reuters

Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.

Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.