Bloomberg News

Deutsche Bank Names Kloess Head of Credit Products at Unit

September 29, 2011

(Updates with profit target in fourth paragraph.)

Sept. 29 (Bloomberg) -- Deutsche Bank AG, Germany’s largest lender, named Susanne Kloess as head of global credit products for its private and business clients division.

Kloess, formerly a managing director at Accenture’s capital markets practice, will be responsible for more than 100 billion euros ($130 billion) of loans at the bank’s consumer division, according to Michael Lermer, a spokesman for the Frankfurt-based bank. She will take up the job on Oct. 1.

Deutsche Bank, which acquired consumer lender Deutsche Postbank AG last year, is seeking to reduce its reliance on investment banking income. The company wants to double pretax profit at the private and business clients unit “in the mid- term” following the Postbank takeover, management board member Rainer Neske said in September to investors. The division posted a 1.6 billion-euro profit this year.

The hire “underscores the significance of the credit business for the growth targets of the private and business clients division,” Lermer said in an e-mail.

--Editor: Edward Evans, Francis Harris.

To contact the reporter on this story: Nicholas Comfort in Frankfurt at ncomfort1@bloomberg.net

To contact the editor responsible for this story: Frank Connelly at fconnelly@bloomberg.net


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