By Pietro Lombardi 
 

Deutsche Bank AG (DBK.XE) has appointed Fabrizio Campelli as chief transformation officer as part of its deep restructuring.

Mr. Campelli will be responsible for transformation and human resources, the German bank said Friday.

The appointment comes as the bank is executing a deep restructuring, which includes exiting businesses and cutting 18,000 jobs.

With this appointment the bank "aims to drive forward its most comprehensive transformation for 20 years with a sharpened focus," it said.

"The primary objective is to manage this restructuring holistically with clear accountability and to improve cooperation and process coordination within the group."

Mr. Campelli was global Head of Wealth Management. The head of wealth management in Europe, Claudio de Sanctis, will replace him and join the bank's management committee.

The bank also appointed Michael Ilgner, currently chief executive of Deutsche Sporthilfe, as new head of human resources and is expected to join the management board in the future.

"Given the size of the task there needs to be one Management Board member devoting all his energies to this comprehensive transformation and driving the reorganization across all areas of our bank," Chairman Paul Achleitner said.

 

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

 

(END) Dow Jones Newswires

November 01, 2019 06:50 ET (10:50 GMT)

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