Media Release
Frankfurt am Main, September 6, 2024
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Lars Stoy, Head of Private Bank Germany, has informed Deutsche Bank about his intention to leave the firm to take on a new challenge.
Head of the Private Bank in Germany since May 2021 and a member of the Group Executive Committee, Stoy is currently responsible for both the broader retail business of Deutsche Bank and Postbank, as well as the business with wealthy and ultra-high-net-worth (UHNW) clients in Private Banking and Wealth Management.
Lars Stoy has been with Deutsche Bank Group for 16 years, time during which he has successfully developed the private client business, both strategically and culturally. He has been responsible for various business areas, including as a member of the Management Board of Deutsche Bank Privat- und Firmenkundenbank AG and as a member of the Management Board of Deutsche Postbank AG, where he was in charge of the retail banking business. He was also Chief Executive Officer (CEO) of Postbank Finanzberatung AG, the mobile sales unit of the organisation; CEO of BHW Bausparkasse AG, the Group’s building society arm; and he was Head of Investor Relations at the former Postbank Group.
Claudio de Sanctis, Member of the Management Board of Deutsche Bank and Head of Private Bank, said: “Lars Stoy has significantly shaped the retail business of Deutsche Bank and Postbank in Germany over many years, initiating and implementing the kind of changes that will further strengthen the bank’s position as market leader in Germany. I am grateful for his great commitment to the bank, his outstanding work and the partnership we enjoyed. I wish him all the best for the future.”
Dominik Hennen, Head of Personal Banking and the retail business in Germany, so far reporting to Lars Stoy, will now report directly to Claudio de Sanctis in this role. The successor for the Private Banking & Wealth Management Germany area will be announced in due course. In the meantime, Dominik Hennen will take over Private Banking in Germany, while Stefanie Rühl-Hoffmann, who currently manages the UHNW team in Germany, will on an interim basis assume responsibility for Wealth Management Germany.
About Deutsche Bank
Deutsche Bank provides retail and private banking, corporate and transaction banking, lending, asset and wealth management products and services as well as focused investment banking to private individuals, small and medium-sized companies, corporations, governments and institutional investors. Deutsche Bank is the leading bank in Germany with strong European roots and a global network.
Forward-looking statements
This release contains forward-looking statements. Forward-looking statements are statements that are not historical facts; they include statements about our beliefs and expectations and the assumptions underlying them. These statements are based on plans, estimates and projections as they are currently available to the management of Deutsche Bank. Forward-looking statements therefore speak only as of the date they are made, and we undertake no obligation to update publicly any of them in light of new information or future events.
By their very nature, forward-looking statements involve risks and uncertainties. A number of important factors could therefore cause actual results to differ materially from those contained in any forward-looking statement.
Such factors include the conditions in the financial markets in Germany, in Europe, in the United States and elsewhere from which we derive a substantial portion of our revenues and in which we hold a substantial portion of our assets, the development of asset prices and market volatility, potential defaults of borrowers or trading counterparties, the implementation of our strategic initiatives, the reliability of our risk management policies, procedures and methods, and other risks referenced in our filings with the U.S. Securities and Exchange Commission.
Such factors are described in detail in our SEC Form 20-F of 14 March 2024 under the heading “Risk Factors”. Copies of this document are readily available upon request or can be downloaded from www.db.com/ir
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