The FINANCIAL — Deutsche Bank announced further details of the future strategic management approach and operating principles agreed by the Management Board at its meeting today.
Strategy process underway — Having assumed their new positions today, the Management Board has agreed to communicate a long-term strategy in September following a period of inclusive dialogue with shareholders, clients, employees, and other key stakeholders.
Jürgen Fitschen, Co-Chairman of the Management Board and the Group Executive Committee, said: “At Deutsche Bank, we have a tradition of developing and articulating a clear strategy across businesses, regions and infrastructure. A core part of this strategic process will be to listen to our key stakeholder groups.”
Clear commitment to universal banking model — The Bank will strengthen its balanced universal banking model by establishing a new business division called Asset & Wealth Management (“AWM”). AWM will stand equally alongside the other business divisions Corporate Banking & Securities (“CB&S”), Global Transaction Banking (“GTB”) and Private & Business Clients (“PBC”). According to the Deutsche Bank AG, AWM will be created by integrating the Bank’s existing asset management and wealth management businesses.
Anshu Jain, Co-Chairman of the Management Board and the Group Executive Committee, said: “We have an enduring commitment to our universal banking model and will implement a team-based approach to leadership going forward.”
Business Allocation Plan approved — At its meeting today, the Management Board unanimously approved the Bank’s Business Allocation Plan which defines the responsibilities of Management Board members and the operating model of the Management Board.