Deutsche Bank has hired a senior Goldman Sachs executive to replace its recently departed head of foreign exchange sales in Europe. The move shows the German lender is still prepared to recruit for core business lines, despite an impending radical restructure of its investment bank.

Deutsche, which is set to cut up to 20,000 jobs, with a heavy emphasis on scaling back its struggling investment bank, has appointed Ernesto Mercadante, according to three sources with knowledge of the move.