Deutsche Bank Creates New CIO Role for Corporate & Investment Banking, Appoints Boillat

Boillat had spent the previous six years at Fannie Mae, most recently as head of its Operations & Technology division. He's also served stints with Citigroup and Credit Suisse, as well as with consultancies KPMG, Bearing Point and Capco.

He will start on February 1, 2016, and will report to Kim Hammonds, who will become chief operating officer, in addition to being CIO, starting on Jan. 1, 2016.

Boillat, who has a degree in electronic engineering from the Berufsschule in Zurich, will move from New York to London at the end of 2016 as part of the hiring.

"Pascal's technical expertise and experience of implementing change across large teams will further strengthen our technology and operations leadership," said Hammonds in a statement.

Need to Improve

Deutsche's CEO John Cryan has twice this year stated the bank needs to improve its technology in order to cut costs and reduce head count.

"As I said on my first day as your colleague, our bank has a great many strengths but faces challenges too: our costs are too high; our technology needs modernizing; our capital position must be strengthened; and our processes are too complex. Additionally, we are still paying too high a price for instances of serious misconduct."

And later adding: "[W]e want to lower the bank's risk profile. This means turning down marginal business about which we may have doubts and which could eventually result in us facing a fine or a legal settlement. It also means investing in new technology to clean up the patchwork of systems we have built up over decades. Let's recognize technology for what it can be: a competitive advantage to be nurtured by the business divisions."

At the same time the bank has aggressively reduced both the number of full-time employees under its umbrella, as well as contractors and outsourced staff in India.