Quick Guide to Deutsche Bank Shakeup: Who's Out, Who's Moving Upby
Garth Ritchie, equities chief, to run global markets division
Jeff Urwin to oversee corporate and investment banking
Deutsche Bank AG’s reorganization Sunday includes some senior departures, some promotions and a change in the company’s structure. Here are the highlights:
-- Colin Fan, co-head of corporate banking and securities, will resign effective Oct. 19.
-- Michele Faissola, head of the asset- and wealth-management unit, will leave after a transition period.
-- Stefan Krause, a long-term management board member with responsibility for global transaction banking and the non-core operations unit, will resign effective Oct. 31.
--Stephan Leithner, the chief executive officer for Europe outside the U.K. and Germany and the management board member responsible for human resources, government and regulatory affairs, and anti-financial crime, has asked to resign to assume a new role in the private-equity industry next year. His departure is effective Oct. 31.
WHO’S MOVING UP?
-- Garth Ritchie, currently head of equities, will become the management board member responsible for global markets on Jan. 1.
-- Jeff Urwin, who is co-head of corporate banking and securities with Fan, will become the management board member responsible for corporate and investment banking, which will include global transaction banking.
-- Jacques Brand will become a general manager reporting to the co-CEOs John Cryan and Juergen Fitschen on Nov. 1. Brand is CEO for North America and will become chairman of the new U.S. intermediate holding company. Fitschen will remain responsible for global regional management.
-- Quintin Price will become the management board member responsible for asset management on Jan. 1, He was most recently a member of the global executive committee and the head of alpha strategies at BlackRock Inc.
-- Christian Sewing, who oversees private and business clients, will add management board responsibility for high net worth clients. Fabrizio Campelli, head of group strategy, will run the business and will report to Sewing.
-- Werner Steinmueller will continue as head of global transaction banking and will report to Urwin. He will be proposed to succeed Krause as chairman of Postbank AG’s supervisory board.
-- Sylvie Matherat, who leads government and regulatory affairs, will become chief regulatory officer and the management board member responsible for regulation, compliance and anti-financial crime. Nadine Faruque, the global head of compliance, will report to Matherat.
-- Karl von Rohr, chief operating officer for global regional management, will become chief administrative officer with management board responsibility for corporate governance, human resources and legal. He will also become the bank’s labor relations director.
-- Kim Hammonds, the former Boeing Co. chief information officer who’s currently Deutsche Bank’s chief information officer and co-head of group technology and operations, will become chief operating officer. She will become a general manager at the beginning of next year and join the management board in no more than one year after getting the experience in credit assessment required by the German banking act.
WHAT ELSE IS CHANGING?
--Henry Ritchotte, chief operating officer, will leave the management board at the end of the year to set up a digital bank for Deutsche Bank.
--The group executive committee and 10 of the current 16 management board committees will be abolished.
--Starting Jan. 1, the four core business divisions will be represented directly on the management board, whose 10 members will be supplemented by four general managers.
--The corporate banking and securities division will cease to exist on Jan. 1. It will be split into corporate and investment banking and global markets. Corporate and investment banking will include corporate finance and global transaction banking. Global markets will include all sales and trading activities.
--Deutsche Bank’s asset- and wealth-management business will be split into two separate units. The private and business clients unit will include wealth management for high-net-worth clients. Deutsche Bank’s asset management unit will focus exclusively on institutional clients and the funds business.