Deutsche Bank is making a big bet on financial technology.
The German bank is investing
in fintech startups. It just opened a
fourth innovation lab, this time in the financial
district in New York. A chunk of its website is dedicated to digital
Now it’s making a push to advise financial
technology companies, too.
The German bank has hired Tommaso Zanobini as global head of
financial technology, based in New York. He was most recently
global head of financial technology and services at Jefferies,
and was previously global head of technology services at
The fintech group at Deutsche Bank is a joint venture
between the financial institutions group and the tech, media and
telecoms group, and Zanobini will report to financial
institutions specialist Celeste Guth and tech banker Mark
Keene. In his new role, he will work with Rahul Singla,
Americas financial technology head, and Vipin Chhajer, who is
His hire marks the fourth managing director level hire in
Deutsche Bank’s financial institutions group so far in 2017. John
Cryan, group CEO,
now oversees the business on the management board.
The appointment comes at an interesting time for the financial
technology industry. Morgan Stanley said in a note this month
that venture capital firms, which poured $117 billion into
fintech startups from 2012 to 2016, have been
pulling back on their investments. Established
financial firms are positioned to step up their spending,
“Financials and payments incumbents are likely to be
emboldened to step up R&D and take the investment lead, and
this combination of VC/incumbent behavior represents a paradigm
shift that should benefit incumbents’ [return on investment],”
Morgan Stanley said.