Esteemed IT professional Joanne Hannaford is set to become the new Chief Information Officer (CIO) of Deutsche Bank's Corporate Bank in London, starting in early 2024. Hannaford will be transitioning from her current role at UBS, replacing Rafael Otero at Deutsche Bank.
Hannaford's new responsibilities at Deutsche Bank will include managing the Corporate Treasury Services, Institutional Client Services, SME Business Client segments, and leading the bank's payments strategy. Before her move to Deutsche Bank, Hannaford held significant roles such as Head of Americas Technology and Wealth Management Americas at UBS. Additionally, she served as Chief Technology and Operations Officer and was a member of the Executive Board at Credit Suisse.
Her career also includes a 25-year tenure at Goldman Sachs as a partner in their technology department. During her stint at Goldman Sachs, she worked in compliance technology, achieved Managing Director status in 2001, and became a partner 12 years later.
Rafael Otero, the current technology head at Deutsche Bank, will ensure a seamless transition before moving forward in his career. This move comes amidst a revamping of Deutsche Bank's tech team under tech head Bernd Leukert, which includes hiring tech executives like Anabel Almagro from ING and around 600 graduates.
Meanwhile, UBS has filled Hannaford's role with Heather Beckman. Beckman has previously led Global Finance and Treasury Technology teams at JPMorgan and served as Head of Group Functions Technology. She also held various technology leadership roles at Goldman Sachs for two decades.
The transition comes at a time when Deutsche Bank, a prominent player in the Capital Markets industry according to InvestingPro Tips, is experiencing accelerating revenue growth. Deutsche Bank's revenue growth rate in the last twelve months (LTM) of 2023 Q2 has been 8.7% and its quarterly growth for FY2023 Q2 has been 9.23%. The bank has also been consistently increasing its earnings per share, with a basic EPS (Continuing Operations) LTM2023 Q2 of 2.55 USD and a diluted EPS (Continuing Operations) of 2.5 USD, as per InvestingPro data.
Despite the positive performance, Deutsche Bank is trading at a low Price / Book multiple of 0.29 and a low earnings multiple with a P/E Ratio of 4.07, which can be an attractive proposition for investors looking for undervalued stocks. However, it's important to note that the bank suffers from weak gross profit margins and its net income is expected to drop this year.
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