Deutsche Bank Names James Whittaker as Head of Its U.K. Wealth Unit

(Bloomberg) -- Deutsche Bank AG appointed James Whittaker as chief executive officer of its U.K. wealth management business as it continues to expand its offerings to the ultra-rich.

Whittaker, a former head of UBS Group AG’s U.K. coverage who joined the bank in October 2020, will head DB UK Bank Ltd. in the coming months subject to regulatory approvals, according to an internal memo seen by Bloomberg News. He will succeed Michael Morley, a former Coutts & Co. CEO who has led Deutsche Bank’s U.K. business since 2017 and is retiring from executive roles after more than four decades in the City of London.

Germany’s biggest lender is increasingly focused on the lucrative business of managing rich people’s money. It recruited a team of wealth bankers last year from UBS largely focused on Northern Europe and international clients based in the U.K. and also tapped Adam Russ in London from Goldman Sachs Group Inc. to co-lead lending to the wealthy in Europe, the Middle East and Africa.

The U.K. had more than 5,000 individuals worth at least $50 million in 2020, the fourth-highest globally, according to research from Credit Suisse Group AG.

Russ is also set to join the board of DB UK Bank along with the unit’s chief operating officer Paul Chapman, the memo said.

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