Deutsche Bank unveils radical board restructuring

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.