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05 November 2019
WEALTH MANAGEMENT

Deutsche Bank regulators urge CEO to cut responsibilities

The lender’s CEO added responsibility for the investment bank to his role after the ouster of former head Garth Ritchie during the lender’s restructuring in July 2019.

DEUTSCHE BANK/BLOOMBERG


Deutsche Bank’s top supervisors told Chief Executive Officer Christian Sewing they’d prefer him to hand oversight for investment bank to someone else so he can fully focus on his main role, reported Bloomberg.

The European Central Bank and Germany’s BaFin raised the issue in informal talks with Sewing and aren’t pushing for immediate change, however, they signalled a handover of the responsibility next year could be sufficient.

Deutsche Bank stated that “We’re in continuous constructive dialogue with our regulators and there are presently no plans to change management board responsibility for our investment bank.”

Sewing has been considering hiring an external executive to hand over that role to ease the workload on him.

Last week, the lender said that it hired Fabrizio Campelli to the management board to lead the restructuring. Paul Achleitner, Deutsche Bank’s Supervisory Board Chairman, said that the size of the task warrants the appointment.

The appointment of Campelli as chief transformation officer gives the CEO and his deputy far more time to focus on the strategic direction and development of the business.


RELATED STORIES: BAFIN CHRISTIAN SEWING DEUTSCHE BANK EUROPEAN CENTRAL BANK


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