Deutsche Bank AG said it has named insurance industry executive Dominik Hennen as head of personal banking, a new division that comprises the retail activities of the bank. This move comes as Deutsche Bank aims to strengthen its retail banking operations and enhance its offerings to individual customers. Hennen brings a wealth of experience in the insurance sector, which will be valuable in driving growth and innovation in the personal banking division.
The appointment of Hennen reflects Deutsche Bank's commitment to improving its retail banking services and expanding its customer base. By consolidating its retail activities under a single division, the bank aims to streamline its operations and provide a more seamless and integrated experience for its customers. Hennen's leadership will be crucial in driving this transformation and ensuring that the bank remains competitive in the retail banking sector.
In recent years, retail banks have faced increasing competition from non-bank financial institutions, such as fintech companies. These new players have disrupted the traditional banking industry by offering innovative and convenient services to consumers. By appointing Hennen as head of personal banking, Deutsche Bank is signaling its intention to adapt to the changing landscape and meet the evolving needs of its customers.