Deutsche Bank Poaches Long-Serving FX Exec from Societe Generale

Jean Phillippe Castellani, who has been a mainstay at Societe Generale’s FX business for over 26 years, is reportedly leaving the French lender to join Deutsche Bank as head of corporate FX sales for Southern Europe and France.
The appointment of Castellani marks an important addition after a series of executive exodus recently in the context of one of the embattled banking group’s largest rounds of layoffs since the financial crisis.

Castellani has kicked off his financial career back in 1994, having originally joined as an FX derivatives sales specialist. During his long stint, over a quarter century, he worked his way up through several senior roles with the bank, culminating with the position of head of structured finance hedging based in London.
Jean acted as global coordinator of rates and FX sales for SG’s private equity and infrastructure funds.
Deutsche Bank overhauls FX trading platform
Like other big banks, has been strengthening its foreign exchange desks, investing in people and technology. The focus on forex and flow business comes as investor appetite grows for such products after a market meltdown this year saw demand wane for riskier derivatives.
The multinational investment bank and financial services company has recently replicated the platform that underpins its FX trading business across the whole of its fixed income division. The decision will help Deutsche — which runs four divisions spanning corporate, investment, private banking and asset management—  to save €200 million over the next three years.
Prior to Corona crisis, however, Deutsche Bank sent nearly 1,000 staff to as part of the firms’ joint deal to assume control of the German lender’s FX prime brokerage operations.
The two banks had struck an agreement in 2019 to smooth the transfer process covering the business that serves hedge funds, including details on personnel.
Although Deutsche Bank’s unit was ranked in the top 10 largest prime brokers globally, the business contracted recently, with investors pulling $1 billion in assets since its CEO announced “tough cutbacks” at its investment bank.