Deutsche board reshaped to focus on legal
Deutsche Bank is expanding and rejigging its board partly with the aim of tackling the legal and regulatory issues it faces.
Two new members are joining the board including Christian Sewing, head of audit, who is promoted to the board with the title Chief of Legal and Incident Management on 1 January. The company’s share price has been hit by the threat of further penalties even though the bank has lifted profits and cut costs. The bank is still in discussions with regulators in the US, Germany and the UK over alleged misdemeanours, including benchmark-fixing and sanctions busting to Iran.
The joint CEOs Jurgen Fitschen and Anshu Jain said: ‘We are taking this step now in order to increase our focus on the resolution of litigation matters and to further increase our organizational efficiency and effectiveness.’ Source: Reuters