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,
The German bank has hired Tommaso Zanobini as its global head of
financial technology, based in New York. He was most recently the
global head of financial technology and services at Jefferies,
and he was previously the 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, the Americas financial
technology head, and Vipin Chhajer, the European head.
His hire marks the fourth managing-director-level hire in
Deutsche Bank’s financial institutions group in 2017. John Cryan,
the bank’s 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, had been pulling back on
their investments. Established financial firms are positioned to
step up their spending, meanwhile.
“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