Deutsche Bank parts ways with head of multinational coverage

Deutsche Bank has parted ways with Robert Snell, the global head of multinational coverage whom they poached from Citi just three years ago.

A person familiar with the situation confirmed that Mr Snell is leaving the bank as part of an organisation reshuffle. Mr Snell could not immediately be reached for comment, and the bank declined to comment.

Under the reshuffle, which was announced internally last week, Deutsche’s multinational coverage team is being merged with its regional treasury centre to form a new team called “Global Subsidiary Coverage” headed by Kaushik Shaparia.

That team will be part of Deutsche’s global transaction bank — the team Mr Snell headed was part of the investment bank. The bank believes the new structure will allow it to offer a more consistent, integrated service to clients.

Deutsche is cutting 9,000 jobs globally as part of a restructuring plan and is also trying to simplify its business.