Deutsche Bank: board shake-up shakes stock
(CercleFinance.com) - Deutsche Bank announced on Monday that it has reorganised its management team, with the aim of establishing clearer responsibilities and ensuring sustainable profitability.
The most significant change is the appointment of Fabrizio Campelli, the current head of transformation, to head its corporate and investment banking (CIB) business.
Until now, this was overseen Christian Sewing, its all-powerful CEO, who will be responsible for human resources instead of the CIB management.
As Head of Transformation, Campelli will be replaced by Rebecca Short, the current Director of Performance Management, who will join the Executive Board.
A collateral victim of this reshuffle, the operational director (COO) Frank Kuhnke will leave the group, after some of his key functions have been entrusted to Fabrizio Campelli.
Despite the reduced responsibility given to Christian Sewing, Deutsche Bank says it wants to bring a message of "continuity" on Monday by announcing that Sewing's term of office would be extended until 2026.
On Monday Deutsche Bank shares fell over 3% in Frankfurt following these announcements.
Copyright (c) 2021 CercleFinance.com. All rights reserved.
The most significant change is the appointment of Fabrizio Campelli, the current head of transformation, to head its corporate and investment banking (CIB) business.
Until now, this was overseen Christian Sewing, its all-powerful CEO, who will be responsible for human resources instead of the CIB management.
As Head of Transformation, Campelli will be replaced by Rebecca Short, the current Director of Performance Management, who will join the Executive Board.
A collateral victim of this reshuffle, the operational director (COO) Frank Kuhnke will leave the group, after some of his key functions have been entrusted to Fabrizio Campelli.
Despite the reduced responsibility given to Christian Sewing, Deutsche Bank says it wants to bring a message of "continuity" on Monday by announcing that Sewing's term of office would be extended until 2026.
On Monday Deutsche Bank shares fell over 3% in Frankfurt following these announcements.
Copyright (c) 2021 CercleFinance.com. All rights reserved.