Deutsche Bank DB will fundamentally change its group
and leadership structure. At an
extraordinary meeting today in Frankfurt, the Supervisory Board of Deutsche
Bank resolved to restructure the Bank's
business divisions. This will be supplemented by a reorganization of executive
committees and senior management changes.
The Supervisory Board's guiding principle, in light of the Bank's Strategy
2020, was to reduce complexity of the Bank's
management structure enabling it to better meet client demands and
requirements of supervisory authorities.
The Corporate Banking & Securities (CB&S) business division is a main focus of
the organizational restructuring and will
be split into two business divisions. Effective January 1, 2016, a business
division called Corporate & Investment
Banking will be created by combining the Corporate Finance business in CB&S
and Global Transaction Banking (GTB). CB&S's
sales and trading activities will be combined in a newly created business
division called Global Markets. The name
"CB&S" will cease to exist.
Additional changes will affect Deutsche Asset & Wealth Management. High net
worth clients will be served by Private
Wealth Management which will be run as an independent business unit within the
Private & Business Clients business
division. Deutsche Asset Management will become a stand-alone business
division and focus exclusively on institutional
clients and the funds business.
Together with the organizational restructuring there will be a broad-based
change of key management roles. The Group
Executive Committee (GEC) will be abolished, as will ten of the current 16
Management Board committees. Effective
January 1, 2016, all four core business divisions will be represented directly
on the Management Board. A ten-person
Management Board will be supplemented by four General Managers
("Generalbevollmaechtigte").
Effective January 1, 2016, Jeff Urwin, currently Co-Head of CB&S together with
Colin Fan, will join the Management
Board. Urwin will be responsible for Corporate & Investment Banking. As a
result of this reorganization, Stefan Krause,
a long-term Management Board member with responsibility for GTB and the
Non-Core Operations Unit (NCOU), will resign
effective October 31, 2015.
Werner Steinmueller will remain Head of GTB, and will report to Urwin. He will
be proposed for election to succeed
Krause as Chairman of the Supervisory Board of Postbank AG.
Colin Fan, currently Co-Head of CB&S, will resign effective October 19, 2015.
He will be succeeded by Garth Richie who
will be responsible for Global Markets on the Management Board effective
January 1, 2016. Ritchie is currently Head of
Equities.
Quintin Price, most recently Global Executive Committee member and Head of
Alpha Strategies at BlackRock, will take on
Management Board responsibility for Deutsche Asset Management, effective
January 1, 2016. Michele Faissola, Head of
Deutsche Asset & Wealth Management, will leave the Bank after a transition
period.
Going forward, Christian Sewing, Head of Private & Business Clients, will also
assume responsibility for high net worth
clients on the Management Board. Fabrizio Campelli, currently Head of Group
Strategy, will run this business and will
report to Sewing.
Effective October 31, 2015, Stephan Leithner has requested to resign as a
member of the Management Board as he wants to
assume a new role in the private equity industry next year. The Supervisory
Board has accepted his request. Leithner is
CEO Europe and is responsible for Human Resources, Government & Regulatory
Affairs (GRAD), and Anti-Financial Crime on
the Management Board.
Krause and Leithner's Management Board responsibilities will be divided as
follows:
Sylvie Matherat, Head of Government & Regulatory Affairs at Deutsche Bank and
a former Member of the Board of Directors
of Banque de France, will become Chief Regulatory Officer and assume
Management Board responsibilty for Regulation,
Compliance and Anti-Financial Crime. The General Manager
("Generalbevollmaechtigte") Nadine Faruque, who is Global Head
of Compliance, will report to Matherat.
Karl von Rohr, currently Chief Operating Officer for global Regional
Management will become Chief Administrative Officer
and assume Management Board responsibility for Corporate Governance, Human
Resources, and Legal. In his new position, he
will also become Labour Relations Director ("Arbeitsdirektor") of Deutsche
Bank. Legal was represented on the Management
Board by Co-Chief Executive Officer John Cryan. Cryan will assume Management
Board responsibility for the NCOU.
Separately, Kim Hammonds, currently Global Chief Information Officer and
Co-Head of Group Technology & Operations at
Deutsche Bank and formerly Chief Information Officer (CIO) of Boeing, will
become Chief Operating Officer. She will
oversee the re-engineering of the Bank's information technology (IT) systems
and operations. To acquire the relevant
experience in credit assessment in accordance with the German Banking Act
(KWG), Hammonds will start her role as General
Manager ("Generalbevollmaechtigte") at the beginning of next year. She is
expected to join the Management Board in no
later than one year.
Henry Ritchotte, currently Chief Operating Officer, will leave the Management
Board at year end and set up a new digital
bank for Deutsche Bank. The Management Board will communicate further details
about this project at a later point in
time.
In addition to Faruque and Hammonds, Jacques Brand will become a General
Manager ("Generalbevollmaechtigter") reporting
to the Co-CEOs John Cryan and Juergen Fitschen, effective November 1, 2015.
Brand is currently Chief Executive Officer
for North America and will become Chairman of the newly created Intermediate
Holding Company for the US business.
Fitschen will remain responsible for global Regional Management.
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