Financial Services Industry
Industry: Email Alert RSS FeedDe Weck in talks to join Deutsche Bank.
Financial News, March, 2002
Byline: Peter Wilson-Smith
Pierre de Weck, the former head of UBS's private equity arm, has been in talks with Deutsche Bank about becoming head of private banking.
De Weck is understood to be one of a number of senior figures who have been in discussions with the German bank. Deutsche is keen to appoint a big hitter to head the business and help revive it.
One Deutsche Bank executive said: "It's been a big underperformer for us and we need to do something about it."
De Weck left UBS Capital, where he was chief executive, last July after the Swiss bank shelved plans to spin off the private equity business. Since then, UBS has announced big losses running to Sfr1bn ([euro]700m) on its private equity portfolio and is now winding down...
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