Scandal-plagued Deutsche Bank, Germany's biggest lender, has announced a major business and management shake-up that would "fundamentally change" its leadership structure.
The announcement came after Deutsche Bank this month braced employees for bonus cuts, announced its biggest quarterly loss in about a decade and warned that even dividends could be scrapped.
The bank has been undergoing a massive shake-up after its co-chief executives Anshu Jain and Juergen Fitschen resigned in June over a tangle of scandals and missed profit targets, replaced by new co-CEO John Cryan.
The investment and retail bank is mired in around 6000 different litigation cases and was fined in May a record $US2.5 billion ($A3.41 billion) for its involvement in rigging interest rates.
It has also faced probes by Swiss authorities for suspected price fixing on the precious metals market, and US investigators have looked at its Moscow branch on suspicion of possible involvement in money-laundering.
The Supervisory Board on Sunday resolved at an extraordinary meeting in Frankfurt to restructure executive committees and senior management.
The guiding principle was "to reduce complexity of the bank's management structure, enabling it to better meet client demands and requirements of supervisory authorities", the bank said in a statement.
"Deutsche Bank rarely under went such as a fundamental reorganisation in its history", said Paul Achleitner, chairman of the Supervisory Board. 'This also requires tough decision ."
Cryan said that, "we want to create a better controlled, lower cost, and more focused bank that delivers long-term value to shareholders and great experiences to client".
Scandal-plagued Deutsche Bank, Germany's biggest lender, has announced a major business and management shake-up that would "fundamentally change" its leadership structure.The announcement came after Deutsche Bank this month braced employees for bonus cuts, announced its biggest quarterly loss in about a decade and warned that even dividends could be scrapped.The bank has been undergoing a massive shake-up after its co-chief executives Anshu Jain and Juergen Fitschen resigned in June over a tangle of scandals and missed profit targets, replaced by new co-CEO John Cryan.The investment and retail bank is mired in around 6000 different litigation cases and was fined in May a record $US2.5 billion ($A3.41 billion) for its involvement in rigging interest rates.It has also faced probes by Swiss authorities for suspected price fixing on the precious metals market, and US investigators have looked at its Moscow branch on suspicion of possible involvement in money-laundering.The Supervisory Board on Sunday resolved at an extraordinary meeting in Frankfurt to restructure executive committees and senior management.The guiding principle was "to reduce complexity of the bank's management structure, enabling it to better meet client demands and requirements of supervisory authorities", the bank said in a statement."Deutsche Bank rarely under went such as a fundamental reorganisation in its history", said Paul Achleitner, chairman of the Supervisory Board. 'This also requires tough decision ."Cryan said that, "we want to create a better controlled, lower cost, and more focused bank that delivers long-term value to shareholders and great experiences to client".
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