Deutsche Bank Nominates Ex UBS Wealth-Management Head to Supervisory Board -- Update
August 15 2019 - 12:00PM
Dow Jones News
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)
Copyright (c) 2019 Dow Jones & Company, Inc.
Deutsche Bank (TG:DBK)
Historical Stock Chart
From Mar 2024 to Apr 2024
Deutsche Bank (TG:DBK)
Historical Stock Chart
From Apr 2023 to Apr 2024