Deutsche Bank will set-up a new digital bank – EUR1 billion investments over the next three-to-five years

Deutsche Bank announces comprehensive organizational restructuring and reorganization of key management role. At an extraordinary meeting, the Supervisory Board of Deutsche Bank resolved to restructure the Bank´s business divisions. This will be supplemented by a reorganization of executive committees and senior management changes.

The Supervisory Board’s guiding principle, in light of the Bank’s Strategy 2020, was to reduce complexity of the Bank’s management structure enabling it to better meet client demands and requirements of supervisory authorities.

Deutsche Bank chief operating officer Henry Ritchotte is leaving his position to set up a new digital bank for the German giant, according to a press release. Ritchotte, a 20 year Deutsche Bank veteran who earlier this year also took on the title of chief digital officer, will „assume a key role in refocusing Deutsche Bank,” says Paul Achleitner, chairman of the supervisory board.

However, no details of the digital bank have been revealed, with the statement promising only to give an update at „a later point in time”.

In April Deutsche announced plans to shutter 200 branches and invest an additional EUR1 billion over the next three-to-five years to create „a more digital bank”. The retail business will see EUR400-500 million spent on digital technologies to develop a „leading advisory-driven, omni-channel proposition for private and commercial clients”.