Deutsche Bank hired Citigroup treasurer James von Moltke to replace Marcus Schenckas chief financial officer, completing a management shakeup that'sbeen key to the latest turnaround plan.
Von Moltke will start in July, Deutsche Bank said in astatement, confirming a report by Bloomberg earlier Friday. InMarch, Germany's biggest bank promoted Schenck to one of two deputyCEOs, with a mandate to co-run its investment banking andtrading units.
Von Moltke, a German and Australian citizen, joins afreshly recapitalized firm in the midst of dramaticallyrestructuring its businesses. Europe's biggest investment bankraised 8 billion euros ($8.7 billion) by selling stock in earlyApril as it seeks to dispel lingering doubts about its financialstrength. Under a strategy unveiled by CEO John Cryan in March, thecompany plans to float a minority stake in its asset managementunit and to reintegrate the consumer-banking subsidiaryPostbank.
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