With around 30 years of industry experience, Campion was chief executive at HSBC's US Private Bank for almost ten years. He re-joins Deutsche having worked at the firm from 2005 to 2007, during which time he served as CEO of US private banking.

Campion, a managing director, is based in New York and reports to Fabrizio Campelli, global head of Deutsche Bank Wealth Management. He replaces Chip Packard, who left in March and now works at Bridgewater Associates.

Last year, Deutsche Bank grew its private banking presence in the Americas by over 20 per cent, it said, hiring advisors focused on ultra high net worth clients in key markets including the West Coast, Texas and Miami.

Meanwhile, in December the firm agreed to sell its US private client services unit to Raymond James Financial.

“As communicated in the bank’s strategy 2020 priorities, the US is a key geographic region for Deutsche Bank’s wealth management business,” Campelli said at the time. “This agreement will allow us to focus on our strategic priorities including investing in our US private bank, which has grown consistently over the last ten years by serving ultra high net worth clients through bespoke lending, trust, custody, banking and investment advisory solutions.”

As of end-March, Deutsche Bank Wealth Management has €356 billion of client assets globally.