Deutsche Bank names new head of UK arm

Deutsche Bank today named Colin Grassie as its new chief executive of UK operations.

Grassie, 48, a Scot, comes from being chief executive of the German bank's Asia-Pacific division. He will be in charge of the 8000-strong London team, one of the biggest foreign banking operations in the City.

Juergen Fitschen, head of regional management for Deutsche, said: "We are investing in our UK franchise and using our leading presence in London as one strong hub from which to serve clients throughout Europe."

Deutsche, whose London staffing is still 25% up on 2005 levels, is thought to be one of the few European banks to be actively hiring.

The Frankfurt-based bank has not required government help, which has put it in a stronger position to recruit staff with bonus packages than bailed-out rivals.

Charles Aldington, Deutsche's London chairman, will step aside to become a senior adviser.