Deutsche Bank considers replacing CFO: report




  • In Business
  • 2019-06-18 14:31:26Z
  • By Reuters

BERLIN (Reuters) - Deutsche Bank Chief Executive Christian Sewing is planning a major overhaul of top management, including replacing the finance chief, Bloomberg news agency reported on Tuesday.

Citing an unnamed person close to the matter, Bloomberg said Sewing could remove James von Moltke as CFO.

Separately, Germany business monthly Manager Magazin reported that Sewing was also discussing the possibility of replacing Garth Ritchie as head of investment banking to make the planned restructuring of the division a top priority.

Deutsche Bank declined to comment.

Shares in Deutsche Bank rose 2.7 percent on the news and traded 3.5% higher at 1411 GMT.

In May, Sewing promised shareholders "tough cutbacks" at its underperforming investment bank, a major source of revenue for Germany's largest lender, which has struggled to generate sustainable profits since the 2008 financial crisis.


Sewing is expected to announce changes in July, according to sources. The bank reports second-quarter earnings on July 24.

On Monday, a source close to the matter said Deutsche Bank is planning to overhaul its trading operations by creating a so-called bad bank to hold tens of billions of euros of non-core assets.

Deutsche Bank also plans to dramatically reduce the size of its U.S. equities business, leaving only a skeleton operation in place to service corporate and high-net-worth clients, three sources familiar with the matter told Reuters.


(Reporting by Andreas Framke, writing by Emma Thomasson; Editing by Keith Weir)

COMMENTS

More Related News

China Says All People Held in Xinjiang Camps Have
China Says All People Held in Xinjiang Camps Have 'Graduated'
  • World
  • 2019-12-09 06:05:27Z

(Bloomberg) -- China has completed what it says was "de-radicalization" training in its western Xinjiang region, officials said in Beijing, as the government sought to defend the widespread detention of ethnic minorities.Top officials for the predominately Muslim region of Xinjiang made the claim Monday during a briefing to promote policies they said were responsible for ending a spate of terrorist attacks. The briefing came less than a week after the U.S. House of Representatives passed legislation that would sanction Chinese officials over percieved human rights abuses in the region, including what the United Nations says is the detention of as many as 1 million mostly Uighur...

Beijing Orders Removal of Foreign Tech in State Offices, FT Says
Beijing Orders Removal of Foreign Tech in State Offices, FT Says
  • World
  • 2019-12-09 00:42:22Z

(Bloomberg) -- The Chinese government has ordered state offices and public institutions to remove foreign computer equipment and software within three years, the Financial Times reported.The move is part of a broader effort to decrease China's reliance on foreign technologies and boost its domestic industry. The goal is to substitute 30% of the technology next year, 50% in 2021 and 20% in 2022, the newspaper reported, citing estimates from analysts at the brokerage China Securities.The government under President Xi Jinping has been trying for years to replace technologies from abroad, and particularly from the U.S. Bloomberg News reported five years ago that Beijing was aiming to purge...

High Court Temporarily Keeps Trump Financial Records Private
High Court Temporarily Keeps Trump Financial Records Private

(Bloomberg) -- A U.S. Supreme Court justice temporarily blocked subpoenas that would force Deutsche Bank AG and Capital One Financial Corp. to turn over years of President Donald Trump's financial documents to two House committees.Justice Ruth Bader Ginsburg put the subpoenas on hold on Friday until Dec. 13. The justices are already scheduled to discuss at a private conference that day whether to take up a separate challenge by Trump to a subpoena by a New York prosecutor for his tax returns.The request Ginsburg acted on Friday stems from a Dec. 3 federal appeals court decision that largely rejected Trump's contentions that lawmakers were exceeding their authority and intruding on his...

Bloomberg says his reporters must
Bloomberg says his reporters must 'live with' limits on coverage

Democratic presidential hopeful Michael Bloomberg on Friday defended the policy implemented by his news agency to steer clear of investigating him, saying doing so would not be credible. Bloomberg told CBS News he "hired somebody outside" to run the Bloomberg News organization and establish policies for ethics. When asked about complaints from Bloomberg journalists that the policy to avoid investigating him or other Democratic candidates, he replied, that they "have to live with some things" about the job.

Trump asks Supreme Court to stop banks from disclosing his financial data
Trump asks Supreme Court to stop banks from disclosing his financial data
  • US
  • 2019-12-06 19:42:59Z

President Donald Trump, fighting to keep details of his finances secret, asked the U.S. Supreme Court on Friday to prevent records held by Deutsche Bank AG and Capital One Financial Corp from being handed over to Democratic-led congressional panels. Trump's lawyers asked the high court to put a hold a Dec. 3 ruling by the Manhattan-based 2nd U.S. Circuit Court of Appeals directing the two banks to comply with April subpoenas by the House of Representatives Financial Services Committee and Intelligence Committee for the financial records. If the justices grant that request, it would give Trump's lawyers time to file a formal appeal of the lower court ruling.

Leave a Comment

Your email address will not be published. Required fields are marked with *

Cancel reply

Comments

Top News: Business