At least a dozen top private bankers from Mediobanca have made the switch to Deutsche Bank, taking advantage of the turmoil at the Bank of Milan to expand their private banking services.
This wave of departures follows Mediobanca’s acquisition by Monte dei Paschi di Siena, a smaller rival, last year, and comes shortly after the resignation of long-time president Alberto Nagel in October.
According to sources, the Mediobanca team, which includes four managing directors, decided to leave immediately after the acquisition because MPS was perceived as lacking in asset management prowess.
Mediobanca, known for its strong ties with affluent entrepreneurial families, has a reputation for unparalleled connectivity in Italy.
MPS faces an upcoming decision on whether to merge the two companies or keep them operating independently.
Newly appointed Milanese head, Alessandro Melzi Delisle, is contemplating a restructuring of the wealth management division. This week, he revealed the appointment of Francesco Grossoli, who leads Mediobanca’s Monaco branch, as the new head of this division.
Claudio De Sanctis, Deutsche Bank’s top private banker and an Italian national, expressed plans to hire around 250 additional wealth managers worldwide over the next three years.
Private banking for affluent clients is viewed as a more stable and profitable sector that can balance the volatility of investment banking. In 2025, Deutsche Bank’s wealth management revenue rose by 6% to €4.4 billion, compared to a 7% increase in the bank’s overall revenue.
“We are committed to accelerating our asset collection,” De Sanctis informed investors in November, emphasizing plans to expand after acquiring about €60 billion in net new assets starting in 2023.
The private banking team transitioning to Deutsche Bank from Mediobanca, which includes managing directors Luca Babastro, Iacopo Berni, Luca Donghhi, and Diego Campagnoli, poses significant competition. “Hiring someone who has been on the losing end of pitches before is an advantage,” noted a source close to the situation.
Last year, Mediobanca’s wealth management division managed €12.3 billion in private banking deposits, nearly half of what it held five years prior.
Both Mediobanca and Deutsche Bank declined to comment.
