Monday 29 March 2021
New contract for Sewing
Deutsche Bank is significantly restructuring its board of directors
It is a reward for the work so far: The contract of Deutsche Bank boss Sewing is extended ahead of time. However, under pressure from the authorities, the tough renovator loses some of his skills. The bank is taking this as an opportunity to reorganize everything to do with the boss.
Deutsche Bank boss Christian Sewing gives up power on the board of Germany’s largest bank. From May 1st, Fabrizio Campelli will be responsible for investment banking and corporate banking, who has been responsible for the renovation of the Frankfurt money house, according to Deutsche Bank. According to financial circles, the financial supervisory authority BaFin and the European Central Bank (ECB) urged Sewing to give up the dual function soon.
The 50-year-old took over responsibility for investment banking – the bank’s most profitable division – in summer 2019 and got it back on track with a hard hand. The long loss-making business of the in-house investment bank was trimmed, and the bank withdrew entirely from global stock trading. Thousands of jobs in the group were cut. Supervisory board chairman Paul Achleitner said that Sewing should get more “freedom” to focus on customers, sustainability and supervisory issues.
At the same time, the supervisory board supported Sewing: Although his five-year contract runs until 2023, he will get a new contract that will run until April 2026. Sewing is temporarily taking over Human Resources from Campelli. HR manager Michael Ilgner still lacks a license as a bank director. Campelli’s other responsibilities go to Rebecca Short, who is the second woman to join the board. She is also responsible for the internal “bad bank” and the associated release of capital.
The COO responsible for internal organization, Frank Kuhnke, is leaving Deutsche Bank after 35 years, almost two of them on the Management Board. His position will not be refilled. Kuhnke’s tasks are divided between Campelli and IT director Bernd Leukert. The farewell to veteran Stuart Lewis is also imminent: The bank’s top risk manager, who has been on the board for nine years and therefore longer than anyone else, is going to the 2022 Annual General Meeting. His successor is still open. From May onwards, legal director Stefan Simon will be responsible for the topics of compliance and the fight against financial crime instead of Lewis.
Postbank boss Lars Stoy will in future be responsible for the entire private customer business in Germany below the board. In this function, he replaces Vice Chairman of the Management Board Karl von Rohr, who is responsible for the private customer division worldwide.
In 2020, Deutsche Bank had made an annual profit for the first time in six years. Under Sewing’s leadership, the bank had decided to undertake extensive restructuring and cut thousands of jobs.
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