The 42-year-old Arne Wittig is a relative youngster in Germany’s most venerable financial institution. He is now general counsel for Germany and Central Europe and is driving forward the internationalisation of Deutsche Bank’s domestic in-house department with its 180 lawyers. It has always been seen as a class outfit (Frankfurt lawyers defer to Deutsche as if it was one of the leading law firms), but under Wittig the reputation of the lawyers – particularly in capital markets – has made great strides.
At present, Wittig is overseeing an extensive review of the bank’s panel, which is the talk of the town. The result is sure to be a further strengthening of the bank’s bargaining power in the market – and that more and more law firms will complain about Deutsche’s ability to do so much of the work for major deals in-house.