Deutsche Bank is continuing to develop its management structure. The Group Board now focuses on strategic management, resource allocation, control and risk management. Additionally the Group Board has installed a Group Executive Committee and is strengthening the divisional and functional committees. The new management structure takes account of the ongoing globalization and complexity of Deutsche Bank Group’s business. The change comes into force with immediate effect.
As from now the Group Board of Deutsche Bank consists of the following members
- Dr. Rolf-E. Breuer (Spokesman and Chairman of the Group Executive Committee until May 22, 2002),
- Dr. Josef Ackermann (Spokesman and Chairman of the Group Executive Committee from May 23, 2002),
- Dr. Clemens Börsig (Chief Financial Officer, CFO),
- Dr. Tessen von Heydebreck (Chief Administrative Officer, CAO) and
- Hermann-Josef Lamberti (Chief Operating Officer, COO).
Through the concentration of the Group Board on strategic management as well as resource allocation, control and risk management, Deutsche Bank's management organization is taken forward clearly in terms of a virtual holding structure.
Within the Group Board, Dr. Rolf-E. Breuer (Private Clients & Asset Management (PCAM) and Corporate Investments (CI)) and Dr. Josef Ackermann (Corporate & Investment Bank (CIB)) are responsible for operational business until May 22, 2002. With the General Meeting on May 22, 2002, Dr. Rolf-E. Breuer will leave the Group Board as scheduled and be proposed to the shareholders for election to the Supervisory Board. With effect from May 23, 2002, Dr. Josef Ackermann will additionally take over the responsibilities of Dr. Rolf-E. Breuer on the Group Board.
With immediate effect, Jürgen Fitschen and Michael Philipp, as Global Business Heads, have direct business responsibility in the Group Divisions CIB and PCAM. They are released at their own request from their duties as members of the Group Board. Jürgen Fitschen remains responsible for Transaction Banking and Relationship Management Germany in CIB. Michael Philipp continues to head Asset Management (including Product Development) and Wealth Management Services in PCAM. A key component of the new management structure is the Group Executive Committee comprising the members of the Group Board, the Global Business Heads of the two Group Divisions CIB and PCAM as well as the Global Business Head of the CI Division. Through the establishment of the Group Executive Committee, the Global Business Heads are now integrated more closely into the management of the Group. At the same time a precise allocation of functional responsibilities leads to a clear delineation between strategic management on the one hand, and operational management on the other hand.
Also appointed as Global Business Heads with a seat on the Group Executive Committee, besides Jürgen Fitschen and Michael Philipp, are, from Group Division CIB:
- Michael Cohrs (Corporate Finance (including Credit Products)),
- Anshu Jain (Global Markets),
- Kevin Parker (Global Equities),
and from Group Division PCAM:
- Dr. Herbert Walter (Retail & Private Banking)
- Ted Virtue as Global Business Head, represents the CI Division (Private Equity, Venture Capital, Mezzanine Finance) on the Group Executive Committee.
Henceforth the operational management of the Group Divisions is handled by three Group-wide divisional Operating Committees: The CIB Operating Committee (Chairman: Jürgen Fitschen) performs coordination and management functions for Group Division CIB, and the PCAM Operating Committee (Chairman: Michael Philipp) performs the same functions for Group Division PCAM. The CI Operating Committee (Chairman: Ted Virtue) takes over operational portfolio management in the Corporate Investments Division, with the management of the gradual liquidation of the industrial shareholding portfolio remaining directly with the Group Board.
The Group Board executes cross-divisional, Group-wide resource allocation, control and risk management primarily via functional committees. Specifically, these are the
- Group Finance Committee (Chairman: Dr. Clemens Börsig),
- Group Investment Committee (Chairman: Dr. Clemens Börsig),
- Group Risk Committee (Chairman: Dr. Clemens Börsig (provisionally)),
- Group Asset / Liability Committee (Chairman: Dr. Josef Ackermann (provisionally)),
- Group IT & Operations Committee (Chairman: Hermann-Josef Lamberti),
- Group Human Resources Committee (Chairman: Dr. Tessen von Heydebreck),
- Group Compliance Committee (Chairman: Dr. Tessen von Heydebreck) and
- Group Corporate Investments / Alternative Assets Committee (Chairman: Dr. Rolf-E. Breuer (until May 22, 2002), Dr. Josef Ackermann (from May 23, 2002); further members of the Group Board: Dr. Clemens Börsig).