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Deutsche Bank raids Coutts again for UK wealth business

Deutsche Bank raids Coutts again for UK wealth business

Deutsche Bank has continued its push into UK wealth management, hiring a Coutts managing director John Saunders as chief operating officer (COO).

John Saunders, who assumes the role in Deutsche's growing UK wealth management team, is the latest Coutts director to be poached by the bank.

It raided the Queen’s bank for both its boss Michael Morley to head up it UK wealth business in July last year, and its head of business development Matthew Spencer to be UK head of intermediaries and multi-family offices last month.

The latest recruit, Saunders, joins after three years at Coutts, where he was managing director for its US and Western Europe businesses.

Based in London, Saunders will join in March and will sit on the board of Deutsche Bank UK Limited as a senior manager, subject to regulatory approval.

Prior to Coutts, he spent five and a half years at Barclays Wealth where he was head of its specialist propositions teams, covering resident non-domiciled, charity, Court of Protection and professional clients.

Morley (pictured) said: 'We are delighted to have attracted such a senior executive as John to help us in the next stage of building a successful advice-led business in the UK market.

'John’s more than 20 years’ experience in the industry in both front line and operating roles make him very well qualified to take up the UK COO position.'

Saunders said: 'I am really excited to be joining Deutsche Bank Wealth Management’s leadership team at a time when the business has been reshaped and primed for growth.

'The business has a world-class investment proposition and access to one of the world’s leading global investment banks. I am much looking forward to helping the business to grow safely and sustainably.'

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