The executive board of Deutsche Bank, led by CEO Christian Sewing, will be reduced to nine members following the departure of two members, the bank revealed.

Karl von Rohr, vice-chair, will step down in the autumn. He is in charge of the private client bank, asset management, and the areas of Germany and Europe.

Christiana Riley, who oversees operations in the Americas, is leaving Deutsche Bank in May to take on a new challenge.

This presents an opportunity for a well-known Swiss banker to advance.

In November at the latest, Claudio de Sanctis—who has been elevated to the Executive Board—will succeed von Rohr as the head of the private client’s bank.

De Sanctis rose to the executive suite within five years of joining Deutsche Bank. He began as the head of wealth management for Europe and Switzerland, and within eleven months, he had taken over the whole wealth management organisation.

He was named CEO of the newly formed International Private Clients Bank (IPB) in 2020, where he managed both the private client and wealth client divisions. He had a “Swiss-style” transition and saw remarkable growth.

Deutsche Bank is making changes to its management team.

The chief financial officer (CFO), James von Moltke, is now responsible for managing the bank’s majority stake in the fund subsidiary DWS.

The chief administrative officer (CAO), Stefan Simon, is taking on additional responsibilities for regulatory relations and is transferring to New York to supervise the Americas region.

Alexander von zur Muehlen will be in charge of managing the commitments for Germany, Europe, the Middle East, and the Asia Pacific area by November 1st, at the latest.

Rebecca Short has been promoted to Chief Operating Officer (COO) and will oversee the bank’s cost management starting starting June 1st. Her responsibilities will encompass human resources and worldwide real estate management.

Short will also continue to be in charge of the bank’s transformation and regulatory affairs.

In the meantime, Fabrizio Campelli continues to lead the Corporate and Investment banks, Bernd Leukert proceeds to handle the technology, data, and innovation division, and Olivier Vigneron remains to manage risk.

Deutsche Bank is reorganising its top management team to prioritise customer requirements, growth, and operational strength in order to become a “global house bank” sooner. In a challenging environment, they will also be cutting costs and focusing on cost and control measures.