The moves come as investment-banking chief Anshu Jain and Germany head Jurgen Fitschen, who take over as co-CEO’s from chief executive Josef Ackermann at the end of May this year, presented their strategic plan to a Deutsche Bank supervisory board committee this week.
The new business group called asset and wealth management, which will include parts of the bank’s asset-management business not under strategic review, its existing private-wealth management business, and the investment bank’s asset-management exchange-traded-fund business.
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The bank has selected Michele Faissola, the Italian-born head of rates and commodities in the investment bank, as head of a revamped wealth and asset management unit.
Kevin Parker, the current head of asset management, is expected to leave once a strategic review of his division is completed. Last week, the German bank said it is in negotiations with Guggenheim Partners to sell most of the division.
According to unconfirmed media reports, the incoming heads in their presentation to the bank’s supervisory board also proposed to expand the group executive committee, from 12 to 17 members.
The new chief executives also plan to promote Colin Fan and Rob Rankin as co-heads of the investment bank. Colin Fan will oversee sales and trading, and Rankin will be responsible for corporate finance and origination.
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By GlobalDataOne result of the new order is that chief risk officer Hugo Banziger, whom outgoing CEO Joe Ackermann had wanted to take over as CEO, and chief operating officer Hermann-Josef Lamberti will be asked to leave.
There would be a stronger presence of investment bankers with the reported changes. However, the absence of few biggest investment bankers in the latest reshuffle could lead to departures in the coming weeks.
WealthInsight believes Deutsche Bank, which has so far avoided some of the larger layoffs suffered by its peers even though its profit was dented by market turmoil last year, may go for another round of downsizing to come once the new team takes over.
