Deutsche Bank hires Fannie Mae's Boillat ahead of IT overhaul

Deutsche Bank hires Fannie Mae's Boillat ahead of IT overhaul

Deutsche Bank has made a senior technology hire, bringing in Fannie Mae's Pascal Boillat as CIO and head of operations at its corporate and investment banking unit.

Boillat, currently head of operations and technology for Fannie Mae and a former Citi IT exec, will take on the newly created role at Deutsche in February. Initially based in New York, he will move to London at the end of next year.

Boillat will report to Kim Hammonds, who was recently named chief operating officer and CIO as part of a shakeup of the technology team ahead of a massive overhaul of the German giant's systems set out in a strategic review by new co-chief executive John Cryan.

Deutsche's 45 operational systems will be reduced to just four by 2020, while the bank's use of cloud technology will be quadrupled to include 80% of systems and virtualisation will increase from 46% to 95% of applications. The bank calculates that implementing these changes will save EUR800 million in running costs.

Says Hammonds of the new appointment: "Pascal’s technical expertise and experience of implementing change across large teams will further strengthen our technology and operations leadership."

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