Richard Ernesti to run Citibank's custody division

The top-level hire comes after months of searching for a suitable replacement for Galliano who will be moving on to new pastures within Citigroup.

A seasoned custodian, Ernesti has climbed quickly through the ranks at Deutsche since he joined the bank as head of sales in Asia in Singapore in 1995. Within a few years he was heading the operation in Asia before being seconded back to Deutsche Bank's European offices as global head of client management.

Now with Citibank added to the list,...