Management Changes
The scene is being set for more tumult at the top as Sewing – just over one year into the job – continues a purge of the bank’s top ranks that started shortly after he took over. He’s said to have investment bank boss Garth Ritchie, Chief Regulatory Officer Sylvie Matherat and Chief Financial Officer James von Moltke in his sights.
(July 4): Deutsche Bank AG Chief Executive Officer Christian Sewing is putting the final touches on a sweeping turnaround plan that may reshape Germany’s biggest bank for years to come. After his first effort fell short and merger talks with Commerzbank AG went nowhere, the CEO is seeking to radically shrink and reshape Deutsche Bank’s business across the globe.
The bank is set to finalise the details of the lender’s latest restructuring this weekend when its supervisory board meets to make a final decision. Up for consideration: huge job cuts most likely focused on the investment bank, another management shakeup and the creation of a new unit that will house unwanted assets. But plenty of questions remain. Here’s a look at what we know and don’t know about the plan at this point:
