Deals
Deutsche Bank Culls Top Leadership, Dumps Unwanted
- Debt chief Yanni Pipilis is expected to leave, people say
- As many as three of nine management board members may leave
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Deutsche Bank AG Chief Executive Officer Christian Sewing promised a “tough” restructuring in May. What he’s likely to deliver involves culling almost a third of the top leadership and slashing the balance sheet.
The supervisory board, set to meet in Frankfurt on Sunday to adopt the bank’s sweeping revamp, will probably replace three out of nine management board members and cut assets weighted for risk by as much as 80 billion euros ($90 billion) or about 23% of the total, over several years, people familiar with the matter said.