Nicholls-Smith, who joined Deutsche in 2013, currently oversees wealth management operations in the UK and southern Europe. She previously spent four years at Lloyds Banking Group. In the newly-created role, she will be based in London. 

Her successor, Bilal, who is also based in London, has been head of compliance for the bank's UK wealth management business since 2012, according to her LinkedIn profile. Before joining the German lender, she worked in compliance advisory at Barclays Wealth.

In other recent high-level moves at Deutsche Bank, asset management head Quentin Price stepped down earlier this month. In May, the bank welcomed back Patrick Campion, who had been running HSBC's US private bank, as head of wealth management for the Americas. In April, Pamela Root became global head of compliance and group chief compliance officer.