Deutsche Bank: Postbank CEO Frank Strauss to Join Management Board
August 29 2017 - 10:20AM
Dow Jones News
By Jenny Strasburg
Deutsche Bank AG (DBK.XE) said Tuesday that the head of its
Postbank retail-banking business in Germany will join the lender's
management board this week, as previously announced, now that
regulatory requirements have been met.
Frank Strauss, a 47-year-old German executive with Deutsche Bank
since 1995, on Sept. 1 will bring the number of management-board
members to 12. The lender announced his planned promotion earlier
this year as part of its latest overhaul, which reversed an earlier
decision to sell Postbank.
Instead, the business will be merged into the broader private
and commercial bank, and will be co-managed by Mr. Strauss and
Christian Sewing. Mr. Sewing holds the additional senior title of
co-president of Deutsche Bank, along with investment-bank co-head
Marcus Schenck. They jointly report to Chief Executive Officer John
Cryan.
Deutsche Bank's planned integration of Postbank will be a test
of its ability to control costs and stabilize a pillar of its
home-market business in Germany. Mr. Strauss has held a number of
management positions at Deutsche Bank primarily in Europe, serving
private and business clients, and became chairman of Postbank in
2012.
Write to Jenny Strasburg at jenny.strasberg@wsj.com
(END) Dow Jones Newswires
August 29, 2017 10:05 ET (14:05 GMT)
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