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Deutsche Bank unveils radical board restructuring

Mar 16, 2012, 14:34 GMT

Frankfurt - Deutsche Bank's new joint chief executives unveiled Friday a far-reaching board revamp as they gear up to take over the running of Germany's biggest bank in June.

But Anshu Jain and Juergen Fitschen's plans to restructure the bank's top management received a last-minute setback after the financial markets supervisor Bafin vetoed their candidate for the key post of chief risk officer.

Instead of William Broeksmit, a close confident of Jain, the two chief executives were forced to elevate the current deputy chief risk officer, Stuart Lewis, to the post.

Current chief risk officer Hugo Banziger and personnel director Hermann-Josef Lamberti plan to step down from the board at the end of May.

The 49-year-old Jain and the 63-year-old Fitschen are set to takeover from Deutsche Bank chief executive Josef Ackermann on June 1. Ackermann leaves in May after a decade heading up the Frankfurt-based bank.

In addition to Lewis, 46, two other long-term senior bank officers are to be appointed to the board.

This includes 45-year-old Stephan Leithner, who is take over as director responsible for legal affairs, personnel and European operations (excluding Germany and Britain), Deutsche said in a statement.

Another Jain confident, Henry Ritchotte, 48, is to take charge of the bank's operational and IT business.

While Jain currently heads up Deutsche's investment-banking operations, Fitschen runs the bank's German business.

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