BERLIN: Deutsche Bank Chief Executive Christian Sewing is planning a major overhaul of top management, including replacing the finance chief, Bloomberg news agency reported on Tuesday.
Citing an unnamed person close to the matter, Bloomberg said Sewing could remove James von Moltke as CFO.Separately, Germany business monthly Manager Magazin reported that Sewing was also discussing the possibility of replacing Garth Ritchie as head of investment banking to make the planned restructuring of the division a top priority.Shares in Deutsche Bank rose 2.7 percent on the news and traded 3.5per cent higher at 1411 GMT.
In May, Sewing promised shareholders"tough cutbacks" at its underperforming investment bank, a major source of revenue for Germany's largest lender, which has struggled to generate sustainable profits since the 2008 financial crisis.Sewing is expected to announce changes in July, according to sources. The bank reports second-quarter earnings on July 24.
On Monday, a source close to the matter said Deutsche Bank is planning to overhaul its trading operations by creating a so-called bad bank to hold tens of billions of euros of non-core assets. Deutsche Bank also plans to dramatically reduce the size of its U.S. equities business, leaving only a skeleton operation in place to service corporate and high-net-worth clients, three sources familiar with the matter told Reuters.
Source: News Formal (newsformal.com)
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