The Supervisory Board of Deutsche Bank decided at a meeting earlier this week to realign responsibilities on the Management Board in order to enable the effective delivery of Strategy 2020, the bank’s new strategy announced on April 27.
Anshu Jain, Co-Chief Executive Officer, will assume responsibility on the Management Board for Strategy & Organizational Development, the unit which will manage delivery of transforming the bank’s operating model to decisively boost efficiency, and which had reported to Stefan Krause, Chief Financial Officer.
Krause will assume responsibility on the Management Board for Global Transaction Banking (GTB) from Jain and for the Non-Core Operations Unit (NCOU) from Jürgen Fitschen, Co-Chief Executive Officer. It is also intended for Krause to join the Supervisory Board of Postbank and become its Chairman pending governance approval. As previously announced, Krause will transition his CFO role to Marcus Schenck after the Annual General Meeting on May 21.
Henry Ritchotte, Chief Operating Officer, will in addition become Chief Digital Officer in order to deploy digital banking technology across all businesses.
Rainer Neske, Head of Private & Business Clients (PBC), will leave Deutsche Bank on June 30 as mutually agreed between the Supervisory Board and himself.
Christian Sewing, responsible for Legal, will succeed Neske as Head of PBC.
In addition, Deutsche Bank announced today the following non-Management Board changes:
- Nadine Faruque, Global Head of Compliance, will become a General Manager (“Generalbevollmächtigte”) of the Bank and will thus further support Christian Sewing in special, compliance-related legal issues.
- Fabrizio Campelli, Head of Group Strategy (AfK), will assume additional responsibility for Strategy & Organizational Development, reporting to Jain. Mr. Campelli will also become Deputy Chief Operating Officer, reporting to Ritchotte in that capacity.
- Werner Steinmüller, Head of GTB, and Pius Sprenger, Head of the NCOU, will report to Krause.
- Mark Cullen, Global Head of Group Audit, will administratively report to Fitschen and Jain.
- Alan Cloete, Co-Chief Executive Officer of Asia Pacific, and Colin Grassie, Chief Executive Officer of the United Kingdom, will leave Deutsche Bank in the near future. They will work to transition their duties until successors are appointed in due course. Gunit Chadha remains Co-Chief Executive Officer of Asia Pacific.
- Christian Ricken, COO of PBC, will relinquish his membership of the Group Executive Committee.
Dr. Paul Achleitner, Chairman of the Supervisory Board of Deutsche Bank, said: “I would like to thank Rainer Neske for his 25 years of service to Deutsche Bank. He has been instrumental in achieving our position as a leading retail bank in Germany and beyond. Given the new strategic direction of our Private & Business Clients business, we agreed that new leadership would be needed.”
He continued: “Christian Sewing began his career at Deutsche Bank 26 years ago as a banking trainee in the retail business and was a member of the Private & Business Clients Global Executive Committee for three years until 2013. His broad experience and character make him the right choice to lead this important core business of the bank into a new period of growth.”
Jürgen Fitschen and Anshu Jain, Co-Chief Executive Officers of Deutsche Bank, said: “Each of today’s appointments aligns an individual manager to the six key decisions that we announced as part of Strategy 2020, including transforming our operating model, investing to accelerate growth in Global Transaction Banking, deploying digital banking technology, and reshaping our retail business. We are confident that these management changes will allow us to deliver on implementing Strategy 2020.”
They concluded: “We thank Rainer Neske, our Management Board colleague, for his many valuable contributions and wish him well. We also thank Alan Cloete and Colin Grassie and wish them well in the next stages of their careers.”