Two resignations for Deutsche 21 March 2012Frankfurt Reporter: Georgina Lavers
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Deutsche Bank has lost two members of its group executive committee after rumours over the direction of the asset management business.
Asset management head Kevin Parker will step down from his role as a member of the bank’s committee this spring. The change will come into effect on May 31, the date of Deutsche’s annual general meeting.
Concerns have been raised internally over Deutsche Banks’ talks with Guggenheim Partners regarding the sale of a part of its asset management business.
Parker joined Deutsche in 1997 and has led the asset management team since 2002. Also to step down from the committee is Pierre de Weck, head of private wealth management.
However, Deutsche is expanding the size of its executive committee to 18 members from the current 12. Jürgen Fitschen and Anshu Jain, co-chairmen of the management board and the group executive committee of Deutsche Bank, said: “By expanding the Group Executive Committee, we are bringing together a broad team of leaders from our businesses, regions and infrastructure functions at one shared table. This new generation of long-serving managers reflects the bank’s growth and evolution over the past decade.”
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