Deutsche Bank to reshuffle board, name new CFO: reports

 Deutsche Bank to reshuffle board, name new CFO: reports

FRANKFURT (Reuters) – Deutsche Bank (DBKGn.DE) will reshuffle top management by naming Marcus Schenck, former finance chief at energy group E.ON (EONGn.DE) and Goldman Sachs banker, as chief financial officer and putting current CFO Stefan Krause in charge of operations and strategy, German media reported on Tuesday.

Operations chief Henry Ritchotte will in turn move into a newly created position on the management board leading the bank’s technology operations, newspaper Sueddeutsche Zeitung reported.

Deutsche Bank declined to comment on the reports.

The reshuffle comes just days after the bank surprised investors with a strong showing in the European Central Bank’s balance sheet checks and as Germany’s top lender defends its position as Europe’s top investment bank.

Krause, who joined from luxury auto maker BMW (BMWG.DE) in 2008, ushered Deutsche Bank through major capital hikes and the depths of the global financial crisis, and most recently through the ECB stress tests, where Deutsche Bank passed by a wide margin with negligible corrections to its accounts.

“My job isn’t just balancing the books. A CFO also has to think strategically,” Krause was quoted by Sueddeutsche Zeitung as saying.

But he also came under fire following criticism from U.S. regulators for shoddy regulatory reporting, weak technology and inadequate auditing and oversight, which the bank later addressed in part by hiring 500 U.S. staff.

Schenck joined E.ON, Germany’s biggest energy group, in 2006 as chief financial officer from Goldman Sachs and then switched back to investment banking for Goldman in London in 2013. He worked at consultancy McKinsey before moving to Goldman in 2001.

“He’s got a really big sense of humor and is easy to work with. He doesn’t hide stuff or act territorial,” said one former colleague who declined to be named. “He belongs to the good old Goldman Sachs culture.”

The bank will also name Christian Sewing to the management board as head of auditing, the magazine said.

Deutsche Bank will report group earnings on Wednesday and is expected to show that rising legal costs ate into an otherwise robust quarter.


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