New Appointments to the Management Board
The Supervisory Board at its meeting yesterday appointed Edson Mitchell and Michael Philipp to the Group Board. Until now, both have been members of the Divisional Board of Global Corporates and Institutions (GCI), where Edson Mitchell was responsible for Global Markets and Michael Philipp for Global Equities. With immediate effect, Michael Philipp will assume Board-level responsibility for Asset Management. Edson Mitchell will run GCI's two sales and trading Divisions, Global Markets and Global Equities.
Dr Josef Ackermann will remain Chairman of the GCI Divisional Board and retain overall management responsibility for GCI. This move also permits Dr Ackermann to devote greater top management focus to building out our Corporate and Investment Banking area. In particular, Dr Ackermann will lead GCI's effort to strengthen Deutsche Bank's top-level relationships with our large corporate and institutional clients.
The Group Board is strengthened by the addition of two outstanding bankers, whose achievements while at Deutsche Bank have been remarkable. Under Edson Mitchell and Michael Philipp, Deutsche Bank's fixed income and equities capabilities have been transformed into world-class sales and trading platforms. In the first quarter 2000, Global Markets and Global Equities together contributed over EUR 1 billion of pre-tax profit, or 50% of DB Group's pre-tax profit before Corporate Center and Other allocations.
These appointments will allow Deutsche Bank to benefit from considerable cross-business synergies. A unified management team under Edson Mitchell, covering Global Markets and Global Equities, will bring considerable benefits. Michael Philipp's appointment to lead Asset Management signals our determination to maximise co-ordination between our asset gathering and asset distribution / investment banking businesses.
Unified management team for GCI Sales and Trading
Global Equities has now reached a size and the scale comparable to Global Markets, which allows us to reap substantial synergies from a unified management team. The two Business Divisions will remain two separate structures, with two P&L's and separate bonus pools, but will produce synergies in a number of key areas: