Deutsche Bank has hired a former Citigroup executive to bolster its investment bank in Europe.

Pierpaolo Di Stefano has joined the German lender as vice chairman for origination and advisory in Europe, the Middle East and Africa, according to a memo seen by Financial News.

He was latterly chief investment officer at Cdp (Cassa Depositi e Prestiti), an Italian state investment manager, but previously spent 25 years working in dealmaking including co-head of Italian corporate and investment banking at Citigroup until 2019.

Di Stefano will split his time between London and Milan and will report to Berthold Fuerst, global co-head of M&A. He will join the bank on 1 January next year.

Fuerst said Di Stefano would “be a key component to expanding our strategic coverage footprint in the Emea region”.

READ Deutsche veteran Richard Sheppard to co-head UK deals at JPMorgan

Di Stefano’s appointment comes as Deutsche Bank looks to gain ground on rivals in Emea, as it is aiming to become the top-ranked European investment bank in the region, FN reported. Henrik Johnsson, head of investment banking for Europe, the Middle East and Africa, said the bank is likely to invest more in staff in 2023.

The bank has also lost some key dealmakers in recent months, with Richard Sheppard, who previously headed up its European M&A unit, joining JPMorgan as co-head of UK investment banking. Patrick Frowein, Deutsche’s former head of investment banking coverage, joined Citigroup as vice-chair of Emea investment banking in June.

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