Deutsche Bank resigns at the top of the hierarchy after deep redesign

The radical overhaul of Deutsche Bank is slowly taking shape, with the abandonment of senior executives and better visibility on the number of jobs that will be eliminated and the size of its non-core banking unit.

Several executives are expected to leave as part of the reorganization, including Yanni Pipilis, global head of fixed income, and James Davies, head of debt in the Americas, sources said. Neither of them could be reached for comments outside of office hours.

The German lender has already announced the departure of the director of the investment bank, Garth Ritchie, and the departure of two other members of the board of directors – the director of retail, Frank Strauss, and the head of the regulation, Sylvie Matherat – could be announced as of Sunday, with the addition of two new members. . A spokesman for Deutsche Bank declined to comment.

About 75 billion euros (and perhaps even 80 billion euros) of weighted badets will form the basis of the bad bank, said a source. The highest figure is about a quarter of Deutsche's balance sheet total.

The restructuring will also involve lower executives at board level. Stefan Hoops will be promoted to head a new division, likely made up of the lender's commercial bank and commercial clients division, and Mark Fedorcik will oversee the investment bank.

CEO, Christian Sewing, is poised to announce the biggest restructuring for at least a decade on Sunday. Alongside the dark cuts in the investment bank, it will also reorganize the divisions of the company to strengthen the profile of the transaction bank and reorganize the board of directors.

It is now anticipated that the number of vacancies in the entire sector will be between 18,000 and 20,000, which is below the range of 15,000 to 20,000 previously reported.

Strauss has been a member of Deutsche Bank's board of directors for just under two years. He was previously managing director of Postbank, a German subsidiary of Deutsche Bank that she wanted to sell but decided to retain in 2017. Karl von Rohr, chief administrative officer, should badume some of Strauss's responsibilities.