Deutsche Bank announces leadership reshuffle
John Cyran, who took over as co-CEO from Anshu Jain in June, has announced a number of changes to its leadership structure and restructuring of its business division, announced in an extraordinary meeting in Frankfurt.
Within Deutsche Asset & Wealth Management (DeAWM) the HNWI business will be separated from the institutional and fund business, with DeAWM becoming a stand-alone business division and focus exclusively on institutional clients and the funds business.
Related to that, Michele Faissola, head of Deutsche Asset & Wealth Management, will leave the Bank after a transition period, he will be replaced by Quintin Price, who recently joined from BlackRock will be responsible for the newly restructured asset management division.
Other personnel changes include the departure of Stefan Krause, a long-term Management Board member with responsibility for GTB and the Non-Core Operations Unit (NCOU), while Jeff Urwin, currently Co-Head of CB&S together with Colin Fan, will join the Management Board.
Christian Sewing, Head of Private & Business Clients, will also assume responsibility for high net worth clients on the Management Board, while , Stephan Leithner , CEO Europe will resign by the end of October to take on a new role at a private equity firm.
Together with the organisational 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. As of 2016, all four core business divisions will be represented directly on the Management Board. A ten-person Management Board will be supplemented by four Senior Group Directors (Generalbevollmächtigte).
Paul Achleitner, Chairman of the Supervisory Board, said:”Deutsche Bank rarely underwent such a fundamental reorganization in its history. This also requires tough decisions. I would like to stress that all parties involved have tried to achieve the best possible outcomes for Deutsche Bank, having set aside personal interests. For this, and for their contributions in the past years, we would like to thank those executives leaving the company.”