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Reuters

Deutsche Bank has beefed up the powers of co-chief executive Anshu Jain and reduced the influence of his partner Juergen Fitschen in a shake-up aimed at improving performance and mollifying shareholders.
The changes make Indian-born Jain accountable for Deutsche Bank's reorganisation.
Fitschen cedes control of the bank's division that contains assets to be run down or sold off, while Deutsche's retail banking boss, a senior executive in Asia and the head of the UK business are all to leave the bank.
Germany's biggest bank made the changes ahead of its annual shareholder meeting on Thursday, where shareholders have demanded clarity over its future.
The bank has trailed rivals under the tenure of Jain and Fitschen who, despite fallout from the financial crisis, stuck to a costly universal banking model offering everything from mortgages in Germany to derivatives in London.
Deutsche is now belatedly following rivals such as UBS in axing unprofitable business lines to boost earnings and shore up its balance sheet.
"We have started asking ourselves if the current management is still capable of leading the company," fund manager Ingo Speich at Union Investment, a top 20 shareholder, said.
"Deutsche Bank has failed to come up with an answer to the question of how to build a truly profitable business model in a changed interest rate and regulatory environment," he said.
Alan Cloete, the bank's co-chief executive officer of Asia Pacific, will also leave in the near future. Prior to running Asia, Cloete was global head of finance and foreign exchange operations.


Deutsche Bank bets on leadership overhaul to deliver results

Co-CEOs of Deutsche Bank, Anshu Jain (left) and Juergen Fitschen arrive for the annual shareholders meeting on May 21. Photo: AP

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