Deutsche Bank’s new MDs include this ominous name

Deutsche Bank announces its managing director (MD) promotions and its bonuses weeks after most other banks. This week was that week for both. 

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Insiders say bonuses were “mixed” and the bank keeps its MD list under wraps. We have, however, elicited some of the new MD’s names below. The list in Asia is complete. The list outside Asia is not. If you have other names to add, let us know using the contact details at the bottom of this page. 

Some of the names on the list are more interesting than others. In Asia, they include people like Mark Castellas, the head of market risk, who’s been there 18 years. In all regions, they include some of Deutsche’s recent investment banking hires, both from Credit Suisse and elsewhere. As Deutsche works to upgrade its control systems, Marina Gribuk, the head of risk and control, has made the cut after 16 years with the bank.

The most ominous new MD, however, is surely Kaveet Vadgama, Deutsche’s ‘chief cost officer’ for the investment bank. Vagdama joined the bank in 2011 and seems to have specialized in cutting costs from the fixed income sales and trading business before progressing to the broader investment bank and infrastructure. His ascension comes after Deutsche Bank CEO Christian Sewing committed to a new round of cost-cutting in February. 

Sewing said the intention is “to actively reduce management layers and roles, and integrate teams as part of our workforce optimization initiatives, in particular scrutinizing those areas where we do not see the required efficiency improvements.” 

A new strategy that may involve the closure of entire businesses is due to be announced later this year. Vadgama is presumably playing a part in this and has been rewarded accordingly. 

Deutsche Bank’s (incomplete) 2025 MD list ex-Asia

Adeel Beg, healthcare, London

Raphael Bahbouth, institutional client group San Paolo 

Nick Burns, leveraged finance, London

Abigal Carras, US financing coverage

Julio Castro Zuazo, risk, Madrid

Jennifer Conway, TMT, London 

Jean-Francois Clement, London FIG banker

Yaniv Cohen, structured solutions group, New York 

Alex Earl, New York 

Oliver Froment, France

Micha Gobets, head of the Benelux Instiutional clients group

Jane Gow, global head of employee relations

Marina Gribuk, head of risk and control 

Clemens Kaniak, banking, London

Nina Korolyova, EMEA head of loan distribution, joined from Goldman in 2024  

Inge-Lise Macskaay, head of ESG solutions

Matthew Matson, head of US leveraged loan and CLO trading 

Achyutha Parlapally, M&A, Frankfurt

Branco Rodic, New York FIG banker, joined from Citi in 2023

Amber Stevenson, beauty and personal care banker, London 

Gervais Vaichere, head of bank credit solutions, Paris 

Kaveet Vadgama, chief cost officer, London 

Matthew Weber, banking, London, joined from Credit Suisse in 2023 

Nicol Wolf, head of North America FX sales 

Yixin Zhang 

Deutsche Bank’s Asia MD list:

Adamas Wong – chief legal officer, Deutsche Bank Asset Management 

Amit Sheshinski, head of real estate investment banking, Sydney 

Ankit Murarka, Singapore, investment banking

Anne Zhang – Head of China Flow Credit Sales at Deutsche Bank

David Geddes, Head of M&A in Sydney, joined from Credit Suisse in 2023 

David Hopwood, Head of natural resources in Australia, based in Sydney 

Gargi Bose, Programme Director, Bengalaru 

Hugo Tian, Derivatives trader, Singapore 

Ikuma Nagata, Rates trading, Japan  

Ivan Wong, Global head of cash management, Singapore

Jeremy Koo, Head of institutional clients group macro, Korea

Keith Lim, chief auditor, Singapore 

Kelly Mantova, head of ABS Australia 

Mahesh Nayak, COO for global technology centres, Bangalore 

Mark Castellas, APAC and EM head of market risk 

Ole Gerdau, China COO

Owen Gallimore, head of APAC credit analysis  

Peter Milliken, head of company research, based in Singapore

Robert Ings, M&A Tokyo, ex-Credit Suisse  

Rosetta Dsouza, COO finance centre, India  

Photo by Yomex Owo on Unsplash

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