Deutsche Bank AG said it has appointed Stefan Hoops head of global transaction banking, replacing John Gibbons with immediate effect, the Financial Times reported.

Gibbons, who took up the role in 2016, will leave the lender for a role outside the industry, according to the Oct. 18 report.

Hoops, who joined the bank in 2003, most recently served as co-head of the bank's institutional and treasury coverage business. He is said to be a close confidante of Deutsche Bank CEO Christian Sewing, who intends to expand the global transaction banking business, the FT said.