Berlin: Deutsche Bank AG’s imminent restructuring is likely to claim a third management board member: Frank Strauss.
The head of the retail and commercial clients division is set to leave as part of the radical overhaul to be announced on Sunday, people familiar with the matter said. The departure hasn’t been ratified by the supervisory board yet and could still be delayed, the people said, asking not to be identified discussing the private information.
Deutsche Bank declined to comment while Strauss didn’t immediately reply to requests for comment.
Chief Executive Officer Christian Sewing is poised to announce the largest restructuring in at least a decade at the troubled German bank. Along with deep cuts to the investment bank it will also involve reorganising the bank’s divisions to boost the profile of the transaction bank as well as a shake-up of the management board that’s already seen the announced departure of investment bank head Garth Ritchie. Chief Regulatory Officer Sylvie Matherat is also set to leave, people familiar with the matter have said.
Strauss has been on Deutsche Bank’s management board for just less than two years. He was previously CEO of Postbank, a German subsidiary of Deutsche Bank that it previously wanted to sell but decided to keep in 2017.