Berenberg Bank is undergoing restructuring within its wealth management division, a process that includes the removal of a management level. This follows the removal of the bank's leadership by the German Federal Financial Supervisory Authority (BaFin) in June.
As part of the changes, Berenberg Bank has decided to close its wealth management location in Hannover, Germany, because the site did not develop as originally hoped. Alireza Panah-Pouri, who headed the Hannover location, is leaving the bank.
Dennis Herrmann, a Senior Relationship Manager at Berenberg Bank's Hamburg, Germany location, is moving to Julius Bär. A spokesperson for the Swiss firm Julius Bär confirmed Herrmann's move to the company.
Herrmann will work with Klaus Naeve, the new Chairman of the Board of Julius Bär Germany. Naeve previously served at Berenberg Bank for approximately 18 years.
