Deutsche Bank restructures business units, senior mgt

FRANKFURT-Deutsche Bank AG (DBK.XE, DB) Sunday announced a comprehensive revamp and reorganization of key management roles in a bid to simplify operations.

The decision at a supervisory board meeting is the latest shake-up following the arrival of new co-chief executive John Cryan, who took over July 1 after co-CEOs Anshu Jain and Juergen Fitschen announced they were leaving.

The investment and retail bank is mired in around 6,000 different litigation cases and was fined in May a record $2.5 billion (2.2 billion euros) for its involvement in rigging interest rates.

As the new CEO is accelerating plans to shed assets and shrink the bank, he is also implementing a sweeping overhaul of the bank’s management structure.

Deutsche Bank says the aim is “to reduce complexity of the bank’s management structure, enabling it to better meet client demands and requirements of supervisory authorities”.

As the bank continues to grapple with the fallout of trading and governance scandals, Deutsche made an announcement that was widely anticipated by Wall Street watchers.

“The new structure and management team are essential to getting this done”.

As a result of the changes, Colin Fan-the bank’s co-head of investment banking-will depart on October 19, the bank said.

Quintin Price, a former Blackrock manager, will join the Management Board to lead Deutsche Bank’s Asset Management business, while the current head Michele Faissola will leave the bank.