Deutsche Bank had promoted Fabrizio Campelli to chief transformation officer in order to oversee a major reorganisation. The costs of the bank’s turnaround plan, announced in July, are estimated at US$7.4bn and include plans to cut 18,000 jobs worldwide.
Campelli will manage the bank’s transformation processes and its workforce, tasks previously shared by several managers. He has been the bank’s global head of wealth management but starts his new role immediately.
Supervisory Board chairman Paul Achleitner says: “Given the size of the task there needs to be one Management Board member devoting all his energies to this comprehensive transformation.”