finance

Deutsche Bank CEO gives up oversight of investment bank in revamp



© Reuters. FILE PHOTO: Christian Sewing, CEO of Deutsche Bank AG, addresses the media during the bank’s annual news conference in Frankfurt

FRANKFURT (Reuters) – Deutsche Bank (DE:) chief executive officer Christian Sewing will hand over oversight of the investment bank to board member Fabrizio Campelli, the bank said on Monday, in a broad overhaul of the management board.

The move is likely to reassure regulators, who worried that Sewing has 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.

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.

Disclaimer: Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. All CFDs (stocks, indexes, futures) and Forex prices are not provided by exchanges but rather by market makers, and so prices may not be accurate and may differ from the actual market price, meaning prices are indicative and not appropriate for trading purposes. Therefore Fusion Media doesn`t bear any responsibility for any trading losses you might incur as a result of using this data.

Fusion Media or anyone involved with Fusion Media will not accept any liability for loss or damage as a result of reliance on the information including data, quotes, charts and buy/sell signals contained within this website. Please be fully informed regarding the risks and costs associated with trading the financial markets, it is one of the riskiest investment forms possible.





READ SOURCE

Leave a Reply

This website uses cookies. By continuing to use this site, you accept our use of cookies.  Learn more