Adds background

 
    By Pietro Lombardi 
 

Deutsche Bank AG (DBK.XE) has nominated former head of UBS Group AG's (UBS) wealth management business Juerg Zeltner to its supervisory board.

The move comes as the German bank is undergoing a deep overhaul, which includes exiting its global-equities sales and trading business, cutting 18,000 jobs, as well as strengthening businesses like asset management, currency trading, corporate-cash management and trade finance. The bank posted a loss of 3.15 billion euros ($3.52 billion) in the second quarter reflecting large restructuring charges.

Mr. Zeltner is expected to replace Richard Meddings, whose resignation became effective on July 31, and will be deemed a non-independent member of the board. He will be initially appointed by a court and will stand for election at the next shareholders' meeting, the bank said Thursday. His nomination follows a consultation with Deutsche's major shareholders.

"In Juerg Zeltner we are gaining a Supervisory Board member who is a top-level European banker with proven expertise in both Wealth Management and Private & Commercial Client Business, as well as risk management," Chairman Paul Achleitner said.

Between 1987 and 2017, Mr. Zeltner worked for UBS Group AG (UBS), where his final role was President of Wealth Management, and from 2009 he was a member of the Swiss bank executive board.

 

Write to Pietro Lombardi at pietro.lombardi@dowjones.com

 

(END) Dow Jones Newswires

August 15, 2019 11:45 ET (15:45 GMT)

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