Units combine, senior management to leave.
German banking giant Deutsche Bank on Sunday announced a sweeping reorganization plan designed to "fundamentally change" how it does business, while parting ways with some of its key executives.
In a statement, Deutsche said it plans to combine its corporate finance and global transaction banking businesses, while making its private and business clients division an independent business unit. As a result of the changes, its asset management arm will operate as a stand-alone division focused solely on institutional clients and funds.
In addition, the bank said it would abolish its group executive committee, while putting a representative of each of its four core operations on a newly constituted board.
In recent months, Deutsche has been enmeshed in investigations, amid allegations that it was rigging financial markets. Since taking the reins after the departure co-CEO Anshu Jain earlier this year, analysts have been anticipating that newly installed CEO John Cryan would move quickly to restructure the bank.
As a result of the changes, Colin Fan — the bank's co-head of investment banking—will depart on October 19, the bank said.