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| Deutsche Bank reveals radical restructuring plan | Deutsche Bank reveals radical restructuring plan |
| (about 20 hours later) | |
| Deutsche Bank has announced a radical restructuring as part of a drive to restore its reputation and profitability. | Deutsche Bank has announced a radical restructuring as part of a drive to restore its reputation and profitability. |
| The investment bank is being split, with several senior bankers departing. | The investment bank is being split, with several senior bankers departing. |
| The chairman, Paul Achleitner, described it as a "fundamental reorganisation" that required tough decisions. | The chairman, Paul Achleitner, described it as a "fundamental reorganisation" that required tough decisions. |
| New boss John Cryan is under pressure to reform Deutsche following a series of scandals. | New boss John Cryan is under pressure to reform Deutsche following a series of scandals. |
| Earlier this year the bank was fined $2.5bn (£1.7bn) for its role in the Libor-rigging affair. | Earlier this year the bank was fined $2.5bn (£1.7bn) for its role in the Libor-rigging affair. |
| The fine resulted in co-chief executives Juergen Fitschen and Anshu Jain resigning in June, to be replaced by Mr Cryan. | The fine resulted in co-chief executives Juergen Fitschen and Anshu Jain resigning in June, to be replaced by Mr Cryan. |
| As part of the drive to simplify the management structure, the investment bank's sales and trading activities will become part of a new division called global markets. | As part of the drive to simplify the management structure, the investment bank's sales and trading activities will become part of a new division called global markets. |
| It will be run by Garth Richie, head of Deutsche's equities business. | It will be run by Garth Richie, head of Deutsche's equities business. |
| The corporate and investment banking division will be headed by Jeff Urwin, a Briton whom Deutsche poached earlier this year from JP Morgan. | The corporate and investment banking division will be headed by Jeff Urwin, a Briton whom Deutsche poached earlier this year from JP Morgan. |
| Colin Fan, the co-head of the investment bank and an ally of former co-chief executive Anshu Jain, will leave. | Colin Fan, the co-head of the investment bank and an ally of former co-chief executive Anshu Jain, will leave. |
| A video in which he warned investment banking staff against being "boastful, indiscreet and vulgar" became a viral hit last year. | A video in which he warned investment banking staff against being "boastful, indiscreet and vulgar" became a viral hit last year. |
| The head of Deutsche's wealth management business, Michele Faissola, will be replaced by Quintin Price, a former Blackrock manager. | The head of Deutsche's wealth management business, Michele Faissola, will be replaced by Quintin Price, a former Blackrock manager. |
| Stephan Leithner, Stefan Krause and Henry Ritchotte will also leave the management board. | Stephan Leithner, Stefan Krause and Henry Ritchotte will also leave the management board. |
| Postbank sale | Postbank sale |
| Deutsche is the latest European investment bank to undergo big changes in a bid to boost profits and cut costs. | Deutsche is the latest European investment bank to undergo big changes in a bid to boost profits and cut costs. |
| Mr Cryan, a 54-year-old Harrogate-born banker who was chief financial officer of UBS from 2008 to 2011, also plans to sell Postbank, Deutsche's low-profit German retail lender. | Mr Cryan, a 54-year-old Harrogate-born banker who was chief financial officer of UBS from 2008 to 2011, also plans to sell Postbank, Deutsche's low-profit German retail lender. |
| By offloading Postbank and other businesses, it is thought he could cut Deutsche's 98,000 workforce by almost a quarter. | By offloading Postbank and other businesses, it is thought he could cut Deutsche's 98,000 workforce by almost a quarter. |
| The bank said earlier this month that it will post a net loss of €6.2bn (£4.5bn) for the third quarter on the back of writedowns and legal costs, which may force it to cut the dividend. | The bank said earlier this month that it will post a net loss of €6.2bn (£4.5bn) for the third quarter on the back of writedowns and legal costs, which may force it to cut the dividend. |
| Deutsche is due to publish its full third-quarter results on 29 October. | Deutsche is due to publish its full third-quarter results on 29 October. |
| Shares closed up 2.4% at €26.66 in Frankfurt on Monday, valuing the bank at €36.7bn. | |
| Ingo Speich from Union Investment, one of Deutsche's top 20 shareholders, said: "The fresh start as far as personnel is concerned has been done. Now the bank needs to deliver substance." | |
| Another investor said that Mr Cryan was trying to mend bridges, both inside the bank and externally: "He is sending a message that 'we are sorry, and we really mean it this time'." |