Deutsche Bank Management shakeup has Jain, Fitschen Stamp

LONDON. March 16. KAZINFORM Deutsche Bank AG (DBK) promoted three executives to its management board as Anshu Jain and Juergen Fitschen, who take over as co-chief executive officers at the end of May, begin to put their mark on Germany's largest bank.

Stephan Leithner, 45, Stuart Lewis, 46, and Henry Ritchotte, 48, will join the board on June 1, the Frankfurt- based bank said today in a statement. Chief Risk Officer Hugo Banziger, 56, and Chief Operating Officer Hermann-Josef Lamberti, 56, will leave the company on May 31, Deutsche Bank said.

 

Josef Ackermann , who steps down after a decade as CEO, used acquisitions in wealth management and consumer banking to counterbalance the firm's reliance on investment banking. Jain, the investment-banking chief, and Fitschen, who runs Germany , are striving to cement the firm's position as a so-called universal bank while promoting people they have worked with closely, a person familiar with the matter said last week.

 

"The new heads can be more effective in implementing new ideas if they appoint executives they're close to," said Dieter Hein, an analyst at Fairesearch GmbH near Frankfurt who has a buy rating on the company. "The speed of management changes is positive because it means Deutsche Bank's new CEOs can smoothly take over operations."

Deutsche Bank (DBK) rose 34 cents, or 0.9 percent, to 38.76 euros by 1:48 p.m. in Frankfurt trading. The stock has gained 32 percent this year, valuing the company at about 36 billion euros ($47.3 billion euros).

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