In its latest management shake-up, Deutsche Bank has boosted the power of its co-chief executive Anshu Jain.
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Under the management overhaul, the German lender has put Jain in charge of a reorganization and cost-cutting drive, reported Reuters.
Jain will now be responsible for directly reducing Deutsche Bank’s costs by EUR4.7bn ($5.2bn), selling its Postbank retail unit, as well as paring back its investment bank.
Following the reshuffle, the bank’s other co-chief executive Juergen Fitschen cedes control of the unit that is unwinding the bank’s unwanted assets to Stefan Krause.
Krause has now been made responsible for managing the transaction banking unit. The bank also plans to hand over the role of supervisory board chairman of Postbank to Krause.
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By GlobalDataKrause is set to hand his CFO position to fellow board member Marcus Schenck.
Deutsche’s retail banking head, a senior Asia executive, and head of the British business are set to depart as part of the restructure.
Christian Sewing will take over as head of retail from Rainer Neske.
Deutsche’s Asia Pacific co-CEO Alan Cloete is also set to depart in the near future.
