Deutsche Bank Shuffles Executives -- WSJ
April 04 2017 - 3:03AM
Dow Jones News
By Jenny Strasburg
Deutsche Bank AG is reshuffling more executives while it
searches for a new chief financial officer and reshapes global
businesses for the second time in 18 months.
The lender's group treasurer since 2009, Alexander von zur
Muehlen, will leave that post and return to the investment bank,
where he previously worked, according to people familiar with the
matter.
The move, to be announced as soon as this week, means Mr. von
zur Muehlen will continue working for current CFO Marcus Schenck ,
who will co-head a newly recombined investment bank once a new CFO
is named.
The investment bank, Deutsche Bank's largest division, is being
restructured to encompass the trading unit that was split from the
deal-advisory and transaction-banking businesses in late 2015.
Plans are being drawn up for new, adjacent offices to be
constructed for the investment bank co-heads, Mr. Schenck and
current markets chief Garth Ritchie, on the fourth floor of
Deutsche Bank's London headquarters, people with knowledge of the
plans say. That floor is home to a reduced European stock-trading
business.
Mr. von zur Muehlen previously was a senior European debt
capital-markets and derivatives banker at Deutsche Bank. His fate
as the longtime treasurer has been a subject of speculation inside
and outside Deutsche Bank lately because some co-workers and
investors saw him as a potential successor to Mr. Schenck as CFO,
according to people close to the bank. A Deutsche Bank spokeswoman
declined to comment on his behalf.
Deutsche Bank's new treasurer will come from the markets
division: Dixit Joshi is moving into the job after overseeing
fixed-income sales globally since late 2015, according to people
familiar with the pending move. Discussions about the plans were
earlier reported by eFinancialCareers.
Mr. Joshi's departure from global markets is the latest example
of change in client-facing roles in the investment bank. Deutsche
Bank is still narrowing its client roster while trying to win back
market share it has lost in key areas.
A number of current employees, including some in the investment
bank and trading division, have been discussed as potential CFO
candidates, but people close to the bank say Deutsche Bank
executives have signaled that an external hire is more likely.
The CFO search is focusing on fluent German speakers with
experience in a finance role at a bank or other financial
institution, the people said.
The latest investment-bank overhaul has stoked fresh concerns
among investors and analysts about distractions from management
changes and the depth of experience atop some businesses, people
close to the bank say. Some employees say they feel restructuring
fatigue, exacerbated by smaller bonuses and a series of banker
departures.
Deutsche Bank executives have said they are confident the
revamped strategy announced last month is the right one and that an
EUR8 billion ($8.5 billion) capital increase has put the lender on
firm financial ground.
Write to Jenny Strasburg at jenny.strasburg@wsj.com
(END) Dow Jones Newswires
April 04, 2017 02:48 ET (06:48 GMT)
Copyright (c) 2017 Dow Jones & Company, Inc.
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