BERLIN (Reuters) - Deutsche Bank’s (DBKGn.DE) retail banking chief Rainer Neske will resign because he opposes the lender’s restructuring program, Handelsblatt reported on Monday, citing unnamed sources in the finance industry.
Deutsche Bank’s supervisory board will discuss the departure of Neske, who has spent 25 years at Germany’s largest bank, at a meeting on Wednesday, the newspaper said in the preview of an article to be published on Tuesday.
Frankfurt-based Deutsche Bank declined to comment.
Deutsche Bank co-chief executives Juergen Fitschen and Anshu Jain will face investor anger over the bank’s strategic overhaul, which some say is too little too late, at its annual shareholder meeting on Thursday.
To cut costs and improve performance, the two leaders have decided to cut up to 150 billion euros ($169.65 billion) in investment bank assets, sell their Postbank DPBGn.DE retail division and invest more in equities trading and wealth management.
Reporting by Andreas Cremer and Kathrin Jones; Editing by Robin Pomeroy