John Cryan, co-CEO at Deutsche Bank, is undertaking the biggest management shakeup in more than a decade and splitting the investment bank as he prepares to scale back the trading empire built by his predecessor.
Bloomberg News reports that Colin Fan, 42, the co-head of the investment banking and trading unit, will resign effective Monday while Michele Faissola, 47, a former senior banker at the fixed-income business who now leads asset and wealth management, will leave after a transition period, Deutsche Bank said Sunday.
Among other changes, Stefan Krause, 52, a longtime executive who currently oversees transaction banking, will depart at the end of the month.
Cryan, 54, replaced Anshu Jain in July after surging litigation costs and tougher regulatory demands squeezed profitability and eroded investors’ trust.
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