Deutsche Bank has announced sweeping changes to its staff and structure at an extraordinary meeting in Frankfurt.
The Supervisory Board, in accordance with the Bank’s Strategy 2020, has introduced these changes to simplify the Bank’s internal management structure.
The Corporate Banking and Securities division will now be split into two separate business units.
From 1 January 2016 a Corporate and Investment Banking division will be created alongside a newly-created Global Markets division.
Further changes affect the Asset and Wealth Management division of Deutsche with high net worth clients being served by Private Wealth Management- an independent business unit within the Private and Business Clients sector.
Asset Management will become a stand-alone division focusing on institutional clients.
Other staff changes include the current head of Corporate Banking and Securities Jeff Urwin who will take on responsibility for Corporate and Investment Banking. As a result, long-term Management Board member Stefan Krause – currently responsible for Global Transaction Banking and Non-Core Operations Unit – will step down effective 31 October 2015.
Werner Steinmuller will remain head of Global Transaction Banking while Qunitin Price, current Global Executive Committee member, will take a place on the Management Board with responsibility for Deutsche’s new Asset Management division.
Michele Faissola the current head of Deutsche Asset and Wealth Management will also leave the Bank following a transitional period.
Paul Achleitner, chairman of the Supervisory Board, stressed the long-term benefits of the restructuring.
“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.
“We would like to thank all those leaving the company for their contributions.”
By Paul Walsh, Staff Writer