November 1, 2019 / 11:28 AM / 9 months ago

Deutsche Bank appoints Campelli to implement turnaround plan

FILE PHOTO: The logo of Deutsche bank is seen in Hong Kong, China July 8, 2019. REUTERS/Tyrone Siu/File Photo

BERLIN (Reuters) - Deutsche Bank (DBKGn.DE) said on Friday it had promoted Fabrizio Campelli to chief transformation officer with a mandate to oversee the biggest reorganization in the bank’s history, including its 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 with immediate effect.

“Given the size of the task there needs to be one Management Board member devoting all his energies to this comprehensive transformation,” Supervisory Board Chairman Paul Achleitner said in a statement.

The costs of the bank’s turnaround plan, announced in July, are estimated at $7.4 billion.

Reporting by Hans Seidenstuecker, writing by Riham Alkousaa, editing by Susan Fenton

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