Deutsche Bank’s Asia-Pacific head to retire, replaced by architect of lender’s turnaround plan
- Werner Steinmueller will retire in July after leading the bank’s business in the region since 2016
- His replacement, Alexander von zur Muehlen, played a role in revamp that included investment in Asian corporate bank and wealth management
The long-time head of Deutsche Bank’s Asia-Pacific business is retiring in July and will be replaced by Alexander von zur Muehlen, one of the architect’s of the lender’s massive restructuring last year that included the closing of its equity sales and trading business.
Werner Steinmueller, who joined the bank from Citigroup in 1991, will retire from the German lender’s management board on July 31 and continue to serve in an advisory role until the end of the year, Deutsche Bank said on Friday.
Muehlen, the bank’s global head of group strategy, is an “excellent in-house successor” to Steinmueller, who has served as the bank’s Asia-Pacific chief executive since 2016, Paul Achleitner, chairman of Deutsche Bank’s supervisory board, said.
“As a recognised strategist and internationally experienced capital markets expert, he possesses all the skills and attributes needed to develop our Asia-Pacific business and further advance our regional strategy,” Achleitner said in a statement.
Muehlen joined the bank in 1998 and had served in a variety of roles, including co-head of debt capital markets in Europe, group treasurer and co-head of global capital markets.
As head of group strategy since 2018, Muehlen played an important role in the bank’s efforts to reshape itself under Deutsche Bank CEO Christian Sewing.