Two key executives reportedly leave Deutsche Bank as restructuring continues
Tuesday, January 19, 2016 | By Renee Caruthers
Two top executives from Deutsche Bank’s asset and wealth management businesses, which were split into separate units last year, are reportedly leaving the company. The changes come as Deutsche Bank continues on the path of its multi-year restructuring plan, which the firm calls Strategy 2020.
The departing executives, Dario Schiraldi and James Dilworth, reportedly saw their roles diminish as the asset and wealth management businesses were separated, according to Bloomberg, which cited an anonymous source. The departures were first reported by the German paper, Frankfurter Allgemeine Zeitung.
Schiraldi, who spent 17 years with the firm, joined the asset and wealth management unit when it was combined in 2012. He managed business in Europe the Middle East and Africa, along with managing ultra-rich clients. Dilworth, who joined the firm in 2014 from Allianz SE, headed the combined unit’s active asset management and its operations in Germany.
In an end-of-year message to colleagues, published Dec. 21, Deutsche Bank co-CEOs John Cryan and Jurgen Fitschen noted that in restructuring the bank around the four types of clients it serves – institutions, corporates, fiduciaries, and private clients – the bank gave greater responsibility – and accountability – to the managers of those four business divisions.
“We have empowered the infrastructure functions and regions to help improve controls, reduce complex processes, and invest in systems that will help serve clients better and reduce costs so that they come into line with industry norms,” Cryan and Fitschen wrote.
Beginning Jan. 1, each of those four divisions have been represented on the management board.
Quintin Price, who runs the new asset management business, will announce his executive committee as early as next week, according to the Bloomberg source.
In announcing details of the multi-year restructuring back in October, Cryan noted that 2016 and 2017 were expected “to be years of hard work, burdened by the cost of making much-needed investments to strengthen the bank’s controls and to improve its efficiency, focusing on country, product and client footprints and taking hard but necessary decisions on headcount reduction.”
Although the restructuring plan continues to 2020, Cryan expects to begin seeing the benefits of the turnaround in 2018.