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Deutsche Bank has announced the new role of group CIO to head its technology-led transformation.
Meanwhile, the bank has shelved plans to sell off its Postbank retail bank after a change in economic conditions made it more equitable to retain the business.
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Pascal Boillat will be the first incumbent of the group-wide CIO role that Deutsche Bank says is “a pivotal next step towards the bank’s goal of becoming a technology-led company”.
Boillat joined Deutsche Bank as CIO last year, and the new expanded role he will see him take responsibility for “defining technology strategy across the bank to serve clients while further enhancing standardisation and digital capabilities”.
Previously, Boillat worked at Fannie Mae and has also held a senior IT role at Citigroup.
Deutsche Bank said Boillat would work closely with the bank’s business divisions to modernise IT, reduce complexity and risk, and enable business growth.
A lot of transformation is under way at the banking giant. In 2015, it announced it would spend up to €1bn on digital technology over three to five years after modernising its core banking platform.
Read more about IT at Deutsche Bank
- Deutsche Bank has appointed its first chief data officer, with former BT tech executive JP Rangaswami taking on the role.
- Deutsche Bank is considering selling its retail arm to keep deposits away from the investment business as its €1bn IT transformation nears completion.
- Deutsche Bank signs 10-year deal with HP to re-engineer the IT that underpins its wholesale banking arm.
Deutsche Bank COO Kim Hammonds said: “Pascal’s technical expertise and experience of leading global technology and operational transformation programmes will help us continue to engineer a better bank and accelerate the overhaul of our IT systems.”
Deutsche Bank has decided to keep Postbank despite having previously said it would be spun out as part of a restructure.
“In a highly competitive market environment with low interest rates, greater scale is expected to provide a substantial competitive advantage, particularly in the broader retail segment,” the bank said.
Deutsche Bank acquired German post office retail bank Postbank in 2008. It has about 20 million account holders and 2,700 branches. ......................................................................................................