Deutsche Bank AG announced sweeping changes to its senior management ranks and a broad restructuring of key units Sunday as new co-CEO John Cryan put his stamp on the giant German lender. A little more than three months into his tenure, Mr. Cryan is reshaping all four of the bank’s business divisions. The lender said it must be less complicated and more responsive to regulators, as it aims to recover from a series of financial and legal missteps and cut costs under pressure from stricter European and U.S. banking regulations. ...
Deutsche Bank has announced a radical restructuring of the bank, as part of its strategy to restore its reputation and profitability. The bank is to be split, with the sales and trading activities becoming part of a new division, called global markets, along with several senior bankers departing. In an interview on Thursday, Mr. Cryan, who was appointed chief executive in January, said that he would not seek re-election at the end of this year. Deutsche Bank is due to publish its 3Q 2015 results on 29th October; however, it had already warned earlier this month that it will post a net loss of £4.5bn for that period, due to writedowns and legal costs, which may force it to cut the dividend. A full account of the new restructuring plan can be found at the linked webpage.