Connect with us

Global Banking and Finance Review is an online platform offering news, analysis, and opinion on the latest trends, developments, and innovations in the banking and finance industry worldwide. The platform covers a diverse range of topics, including banking, insurance, investment, wealth management, fintech, and regulatory issues. The website publishes news, press releases, opinion and advertorials on various financial organizations, products and services which are commissioned from various Companies, Organizations, PR agencies, Bloggers etc. These commissioned articles are commercial in nature. This is not to be considered as financial advice and should be considered only for information purposes. It does not reflect the views or opinion of our website and is not to be considered an endorsement or a recommendation. We cannot guarantee the accuracy or applicability of any information provided with respect to your individual or personal circumstances. Please seek Professional advice from a qualified professional before making any financial decisions. We link to various third-party websites, affiliate sales networks, and to our advertising partners websites. When you view or click on certain links available on our articles, our partners may compensate us for displaying the content to you or make a purchase or fill a form. This will not incur any additional charges to you. To make things simpler for you to identity or distinguish advertised or sponsored articles or links, you may consider all articles or links hosted on our site as a commercial article placement. We will not be responsible for any loss you may suffer as a result of any omission or inaccuracy on the website. .

Banking

Deutsche Bank CEO gives up oversight of investment bank in revamp

Deutsche Bank CEO gives up oversight of investment bank in revamp

FRANKFURT (Reuters) -Deutsche Bank CEO Christian Sewing will hand over oversight of the investment bank to board member Fabrizio Campelli, the German bank said on Monday, as part of an overhaul of the management board.

The move is likely to reassure regulators, who worried that Sewing had too much on his plate, potentially leaving the investment bank open to operational hazards.

Germany’s biggest bank was one of the few major banks in the world to assign day-to-day oversight of investment banking to its chief executive. At most banks, other board members oversee the division.

Reuters had reported in January that Sewing was under pressure from regulators to relinquish day-to-day oversight the division.

The European Central Bank and Germany’s finance watchdog BaFin declined to comment.

Campelli has previously been the bank’s chief transformation officer.

The investment bank is the German lender’s main profit driver, but also represents a concentration of risk for a bank that is deemed “systemically important” in terms of the functioning of the global financial system.

Earlier this month, Campelli said the investment bank was off to a strong start in 2021, with revenue up about 20% so far in the first quarter compared with a year earlier.

Sewing, whose contract was also extended to 2026, will also take charge of human resources at management board level.

Among other changes announced, Rebecca Short will join the management board to oversee transformation and the capital release unit. She will be one of two women on the bank’s 10-person board.

Chief Operating Officer Frank Kuhnke will leave the bank and Chief Risk Officer Stuart Lewis will retire next year.

(Reporting by Tom SimsEditing by Caroline Copley and Jane Merriman)

Global Banking & Finance Review

 

Why waste money on news and opinions when you can access them for free?

Take advantage of our newsletter subscription and stay informed on the go!


By submitting this form, you are consenting to receive marketing emails from: Global Banking & Finance Review │ Banking │ Finance │ Technology. You can revoke your consent to receive emails at any time by using the SafeUnsubscribe® link, found at the bottom of every email. Emails are serviced by Constant Contact

Recent Post