Shares in Deutsche Bank are surging after the company announced a huge management overhaul on Sunday.
The stock was up more than 3% as of 10:17 a.m. UK time in Frankfurt trading.
Here’s what that looks like:
There’s was a lot to digest in the Sunday statement but here’s the three-point nutshell.
New CEO John Cryan is:
- simplifying Deutsche Bank’s management structure, by merging the corporate finance and global transaction units and cutting 10 of the 16 management committees.
- clearing out executives who were close to former chief Anshu Jain, such as securities co-chief Colin Fan and asset management head Michele Faissola.
- giving regulatory and compliance people a bigger say in how the business is run.
Investors seem happy that Cryan is taking the initiative in dealing with Deutsche Bank’s structural and regulatory problems.
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