Deutsche Bank's Woehrmann, Bender to Lead Biggest German Unitby
Woehrmann moving to consumer banking from top investment role
Transaction banker Bender to run German corporate client push
Deutsche Bank AG named Asoka Woehrmann and Stefan Bender to lead its biggest German unit to help boost profit in consumer banking and win business from the small and medium-sized companies that are the backbone of the country’s economy.
Woehrmann, 50, the chief investment officer of Deutsche Bank’s asset and wealth management arm, will start as head of German consumer banking in December, the company said in a statement from Frankfurt on Monday. Bender, 46, who is German head of transaction banking and co-head of German corporate finance, will take over as head of commercial banking next month. He will also remain head of global transaction banking in Germany.
Deutsche Bank’s consumer bank has been hit by record low interest rates as well as increasing competition for services to the country’s corporate clients. That has prompted co-Chief Executive Officer John Cryan to focus on the retail and investment-banking units to lower costs and raise capital.
Woehrmann and Bender will report to Christian Sewing, who oversees the wider private and business clients division and sits on Deutsche Bank’s management board. Fellow board member Stefan Krause is responsible for the sale of Deutsche Postbank AG, a consumer bank located within Sewing’s unit.
The two men succeed Peter Schedl and Wilhelm von Haller who will step down from their roles at the end of September. Bender has been with Deutsche Bank since 1997, while Woehrmann joined a year later. In their new roles, they’ll be overseeing more than 8 million clients in Germany.