Deutsche Bank CEO gives up oversight of investment bank in revamp
- The move is likely to reassure regulators, who worried that Sewing has too much on his plate, potentially leaving the investment bank open to operational hazards.
- Germany's biggest bank was one of the few major banks in the world to assign day-to-day oversight of investment banking to its chief executive. At most banks, other board members oversee the division.
FRANKFURT: Deutsche Bank chief executive officer Christian Sewing will hand over oversight of the investment bank to board member Fabrizio Campelli, the bank said on Monday, in a broad overhaul of the management board.
The move is likely to reassure regulators, who worried that Sewing has too much on his plate, potentially leaving the investment bank open to operational hazards.
Germany's biggest bank was one of the few major banks in the world to assign day-to-day oversight of investment banking to its chief executive. At most banks, other board members oversee the division.
Campelli has previously been the bank's chief transformation officer.
The investment bank is the German lender's main profit driver, but also represents a concentration of risk for a bank that is deemed "systemically important" in terms of the functioning of the global financial system.
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