In response to the difficult market, Frankfurt-based Deutsche Bank ($1.3 trillion in assets) is unifying its trade finance and cash management sales teams and aligning them across specialized industry groups. The bank hired Jon Richman to spearhead the new operation.
As head of North America sales for trade finance and cash management corporates, a newly created position, Richman will provide client support. "Clients are challenging us to provide integrated solutions to improve working capital and maximize global liquidity, especially given current market conditions," he explains. "This market demands solutions that optimize cash balances, improve control and efficiency, mitigate risk, and manage working capital across the supply chain."
A large part of developing these products and services, Richman says, will be technology. "Technology is an integral part of the working capital solutions that we provide," he notes. "We need to deliver integrated solutions to our clients across the products that we offer and the systems that our clients use with a view to improve automation, visibility and control."
Prior to joining Deutsche, Richman spent more than 20 years at Standard Chartered Bank (London), most recently as head of its transaction banking business in North Asia.