BERLIN (AP) — Germany's biggest bank, Deutsche Bank AG, said Sunday that it is restructuring its divisions and making changes to its management structure in an effort to streamline its business.
The bank's corporate banking and securities division will be split in two, and its asset and wealth management division also will be divided into separate units.
The company's management structure also will be overhauled. It will scrap its group executive committee, a body that includes the bank's top executives as well as regional and other representatives, and slightly expand its management board. In addition, it will abolish 10 of the current 16 management board committees, and several top managers will shift positions or leave.
Deutsche Bank said the aim is "to reduce complexity of the bank's management structure, enabling it to better meet client demands and requirements of supervisory authorities."
The decision at a supervisory board meeting is the latest shake-up following the arrival of new co-chief executive John Cryan, who took over July 1 after co-CEOs Anshu Jain and Juergen Fitschen announced they were leaving.
Fitschen will remain until May 2016, after which Cryan is to become sole CEO. In recent years, Deutsche Bank has struggled to get over legal issues dating back years and has seen disappointing profits.
Earlier this month, the bank announced that it expects to report a third-quarter net loss of 6.2 billion euros ($7 billion) because of a combination of write-downs and litigation costs.