(Bloomberg) -- Deutsche Bank Chief Executive Officer Christian Sewing signaled that further changes are on the way, saying on Thursday he's prepared to make tough cutbacks at the investment bank to boost profitability.
Since taking over after a bitter boardroom battle just over a year ago, he's moved to install executives that he's worked closely with during his near-30 year career, while ousting executives including Frenchman Nicolas Moreau and Chief Operating Officer Kim Hammonds.
He added to speculation about other executives by name-checking the accomplishments of key lieutenants at the bank's annual general meeting, while omitting any mention of support for those seen as most under pressure.
Frank Kuhnke
Frank Kuhnke replaced Hammonds as COO last year. Like Sewing, he's a Deutsche Bank veteran who has been with the lender for more than three decades and worked directly with the CEO when Sewing lead the retail unit. After years of control issues and fines he's focused on getting Deutsche Bank's house in order. His blunt approach and determination earned him the internal moniker of “Frank the Tank” -- and the public praise of Sewing at the AGM.
Asoka Woehrmann
Asoka Woehrmann replaced Moreau as head of Deutsche Bank's asset manager DWS late last year and is another company veteran with a long history of working under Sewing. He's known for his friendly and personal touch -- early on in his new role he averted the departure of top portfolio manager Tim Albrecht -- but also as a demanding leader who doesn't shy back from publicly dressing down underlings. He's currently trying to boost assets under management at DWS and considering deals, people familiar with the matter have said. Sewing mentioned his accomplishments during the AGM.
Garth Ritchie
Garth Ritchie has been at the top of the investment bank since 2016 -- initially as co-head -- and fought unsuccessfully to stop its decline. Rumors about his departure have swirled for years, though he was elevated to sole head at the time of Sewing's appointment. At least one large shareholder said they're unhappy with Ritchie's leadership, according to people with knowledge of the matter. The division's weak performance has made the South African former rugby player -- an equities trader by training -- a perennial target for criticism.
Sylvie Matherat
Chief Regulatory Officer Sylvie Matherat oversees one of the bank's most important teams -- the compliance and anti-financial crime units -- and one that's been under constant scrutiny. The ongoing control problems, legal issues and fines have repeatedly highlighted the bank's slow progress. Like Ritchie, her future has long been seen as in doubt. Sewing in his AGM speech said the compliance and anti-financial crime units will be merged with non-financial risk management, though he left open who would head the newly created unit.
To contact the reporter on this story: Steven Arons in Frankfurt at sarons@bloomberg.net
To contact the editors responsible for this story: Dale Crofts at dcrofts@bloomberg.net, Christian Baumgaertel
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