Deutsche Bank fintech chief poached by CitiGroup

Banking giants are increasing interested in financial technology.

Rahul Singla, Deutsche Bank US’ head of fintech has departed after 11 years with the firm to head up rival bank CitiGroup’s fintech strategy.

Singla joined Deutsche Bank back in 2007 on the eve of the financial crisis. He joined Citi in May as Managing Director to further its investment into disruptive financial technology.

Deutsche Bank, CitiGroup and a host of other large banks - probably led by Goldman Sachs - have undergone a spree of investment, hiring and acquisitions of fintech firms and talent in recent years as incumbents are increasling vying to hedge against disruption from start-up firms as well as ease the transition of their businesses towards the digital sphere.

Last week Goldman revealed its investment into Trussle, part of a £13.6m Series B round.  Its own online lending platform Marcus has surpassed $3bn of lending in the US and is said to be looking to start up elsewhere. BNP Paribas Asset Management also recently took a stake in digital lending platform Caple.