Deutsche Bank is reportedly planning to revamp its management by removing the 19-member group executive committee, which advises the management board headed by John Cryan and co-CEO Juergen Fitschen.
The restructuring plan is preliminary and may not be carried out, sources familiar with the matter told Bloomberg.
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The executive committee was formed in 2002 to speed up decision making by Josef Ackermann, who left the firm as CEO in 2012.
The move comes as Cryan, who replaced Anshu Jain last month, is looking at ways to increase capital and boost profitability, as the bank is struggling with rising litigation costs.
Cryan is also planning to reduce the size of the securities unit as regulators are pushing lenders to cut their risk and investors calling for lower costs.
Under the plan, the bank will also promote managers at its operating businesses to the management board.
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By GlobalDataThe overhaul will see eight of Deutsche Bank’s management board members sitting on the executive committee together with the heads of its four operating units.
The group comprises Colin Fan and Jeff Urwin, who led the investment bank, Werner Steinmueller, who oversees transaction banking, and Michele Faissola, the head of asset and wealth management.
Additionally, Christian Sewing, who operates the unit catering to consumers as well as small and medium-sized companies, will serve as a member of both the executive committee and the management board.
Cryan is also restructuring the fixed-income division by dividing the unit’s products and services into six main groups, with leaders for three of them reporting to Fan.
