Deutsche Bank (NYSE:DB) has announced a number of sweeping changes to its executive personnel group, culminating in a consolidated schism across its operations.
The global lender recently unveiled a plan to sizably overhaul the way it conducts its business, which will see the institution split up its investment bank into two entities, whilst completely changing the composition of its leadership structure. Deutsche Bank had previously announced the launch of a plan to reduce the complexity of the company. However, the company’s Corporate Banking and Securities (CB&S) division will ultimately be the one affected the most by the changes.
Per the recent wave of moves, perhaps the most noteworthy development is the departure of Stephan Leithner who has requested to resign as a member of the Management Board – he will be assuming a new role in the private equity industry next year. Mr. Leithner has served as Deutsche Bank’s CEO of Europe and has been responsible for Human Resources, Government & Regulatory Affairs (GRAD), and Anti-Financial Crime on the Management Board.
In addition, Deutsche Bank’s Krause and Leithner´s Management Board responsibilities will be divvied up into the following denominations:
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Sylvie Matherat, Deutsche Bank’s Head of Government & Regulatory Affairs and former Member of the Board of Directors of Banque de France, is slated to become its Chief Regulatory Officer (CRO), where he will assume the Management Board responsibility for Regulation, Compliance and Anti-Financial Crime. The Board’s Senior Group Director Nadine Faruque, also its Global Head of Compliance, will report be reporting to Matherat.
Furthermore, Deutsche Bank’s Chief Operating Officer for global Regional Management, Karl von Rohr, will step into the position of Chief Administrative Officer and will assume the Management Board responsibility for Corporate Governance, Human Resources, and Legal. Previously, Deutsche Bank’s Co-Chief Executive Officer John Cryan represented the Legal division on the Management Board.
According to Mr. Cryan in a recent statement on the moves at Deutsche Bank, “We want to create a better controlled, lower cost, and more focused bank that delivers long-term value to shareholders and great experiences to clients. The new structure and management team are essential to getting this done. I am delighted to welcome six new members to the Management Board to form the team that together will build a better Deutsche Bank.”
Alternatively, Kim Hammonds, currently the lender’s Global Chief Information Officer and Co-Head of Group Technology & Operations will become its Chief Operating Officer (COO). In this capacity she will help manage the re-engineering of the Bank’s information technology (IT) systems and operations. Lastly, Henry Ritchotte, the group’s acting COO, will leave the Management Board by the end of 2015 and set up a new digital bank division for Deutsche Bank.