In an extraordinary meeting held in October 18, Deutsche Bank's supervisory board supplied a reorganization of leadership and structure. Deutsche Bank announced it is restructuring its organization and executive committees.
Deutsche Bank's Corporate Banking and Securities (CBS) division will be created by combining Corporate Finance Business and Global Transaction Banking, Deutsche Bank released the statement.
This is to simplify the bank's organizational structure to address the growing demand of the clients. "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," as noted in the news release.
With that, CNBC mentioned its private and business client division will become an independent firm. The asset management unit will function as a stand-alone division to concentrate in funds for high net worth institutional clients.
Meanwhile, Bloomberg reported some top level managers and securities trading execs that will be reshuffled.
Colin Fan, Deutsche Bank's co-head of investment banking, will step out in October 19. Garth Ritchie, the head of global equities, will take over.
Jeff Urwin, Fan's co-head for corporate banking and securities, will be the board member for corporate and investment banking which includes global transaction.
While the chief executive officer for Europe and the board member handling human resources, anti-financial crime and government and regulatory affairs, Stephan Leithner, will move into a new role in private-equity industry in 2016.
After the transition period, Michele Faissola, the head of the asset and wealth management unit, will also resign.
Starting November 1, Jacques Brand, the CEO of North America, will manage the U.S. intermediate holding company. Brand will report to fellow CEOs, Juergen Fitschen and John Cryan.
Quintin Price, the newest member of the global executive committee, will be the board member to supervise the asset management starting January 1.
The 'Strategy 2020' highlighted how Deutsche Bank has finally transformed from the traditional 'financial supermarket' in the '90s. This announcement is highly anticipated by the Wall Street watchdogs.
Join the Conversation