Deutsche Bank announced a series of changes to its management board Monday that trickled into multiple areas of the firm’s business, including compliance. The changes will take effect at the start of May.
Chief Risk Officer Stuart Lewis will leave the bank by its annual general meeting 2022, CEO Christian Sewing wrote in a message to staff. In light of Lewis’s impending departure, Deutsche Bank will transfer its compliance and anti-financial crime responsibilities to Chief Administrative Officer Stefan Simon. The areas will be combined under legal and regulatory affairs.
“This enables us to bring together those areas which are particularly impacted by legal requirements and require a close and unified dialogue with our regulators,” Sewing wrote. “We have invested a great deal in our controls over the past few years and have made significant progress under Stuart’s leadership. We know that we must continue to invest and improve further – and Stefan’s job will be to do just that.”
Lewis has been with Deutsche Bank more than 25 years, including 10 as part of the management board. He was appointed chief risk officer in 2012 and assumed responsibility for compliance and anti-financial crime in 2019.
Deutsche Bank annual general meetings are held in May, so Lewis could be with the firm for one more full year.
Other upcoming changes at Deutsche Bank include the separation of management board-level responsibility for the corporate bank and investment bank from Sewing’s plate. Fabrizio Campelli will take over the role, leaving responsibility for the chief transformation office to Rebecca Short, who will join the management board. Short will also assume responsibility for global procurement from the chief operating office (COO) and the capital release unit, and the COO will no longer be considered a separate management board function. Chief Operating Officer Frank Kuhnke will leave the bank after 35 years as part of the reorganization.
Sewing himself received a contract extension that runs until 2026, and Asoka Woehrmann, CEO of asset management group DWS, had his contract renewed until October 2024.