In a report by German Daily Seddeutsche Zeitung, Deutche Bank would be choosing three new supervisory board members. This echoes a move that echoes Wall Street style strategic thinking in the German financial insitution.
The three departing members of the board are former Deutsche Telekom CFO Karl Gerhard Eick, former Bayer CEO Werner Wenning and former partner of Robert Bosche Tilman Todenhoefer. The three are known advocates of the 'real economy' traditionalist thinking while on the other end of the spectrum are those that seek higher margin financial products. The three have been very vocal against investment banking.
The successors of the three officials are former JP Morgan CFO Dina Dublon, former UBS CFO John Cryan and business lawyer Georg Thoma. The two former CFOs would certainly boost the investment banking paradigm in the bank through their decisions in the board of supervisors.
The report was made by Sueddeutsche Zeitung citing sources knowledgeable of the matter who chose to speak on condition of anonymity.
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