Among other things, Deutsche Bank CEO Christian Sewing is expected to hand over direct responsibility for investment banking in the foreseeable future, the “Handelsblatt” reported on Friday, citing several people familiar with the matter. This step would not come as a surprise to experts, as the banking supervisory authorities have been calling for this for a long time. The bank did not want to comment on the newspaper’s request.
The Bloomberg news agency also reported on the possible upcoming change. With this step Sewing could concentrate more on his duties as CEO. A decision will be made in the coming months. Sewing also assumed responsibility for investment banking and the newly created corporate bank when presenting his strategy for restructuring the bank in summer 2019.
So he wanted to push through the cuts in the division. According to the report, the banking supervisory authority accepted this at the time, but viewed it as an interim solution. Now there is movement in the matter, the newspaper quoted an insider on Friday. There will be a back seat on the board. It is unclear whether the bank will expand the board and bring a new manager for investment banking to the board.
The bank is aware, however, that it would be a difficult signal if the board of directors were to get bigger in times of downsizing, according to the “Handelsblatt” report. Alternatively, another of the nine board members could take over the task.
Via XETRA, Deutsche Bank stocks climbed 0.36 percent to EUR 10.49 by the end of trading.
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Deutsche Bank share closes tighter Deutsche Bank boss give investment bank management