The Supervisory Board of Deutsche Bank AG (USA)(NYSE:DB) has agreed to a decision to include Nicolas Moreau into the bank’s Management Board. The appointment of the 51year old will take effect as from October 1, and the appointee will be entrusted with the management of Deutsche’s Assets. Moreau who has been serving French insurance company Axa at different capacities is taking over from Quintin Price. The executive owned up the position in June having served for less than six months with medical reasons being the exit justification.
Moreau who will be based in London is expected to bring on board extensive expertise into his position given that he has worked for 25 years in a variety of roles. He was at one point the head of Axa Investment Managers as well as being responsible for Axa’s insurance business in France. According to the Supervisory’s Board Chairman Paul Achleitner, Moreau has a lot of know-how in the asset management industry which will be a plus for the Germany’s largest lender.
More appointments that will boost Deutsche Bank’s operations
To promote its growth, the Supervisory Board has also carried out additional appointments into the Management Board of Deutsche Bank. Kim Hammonds and Werner Steinmüller will both take up a three-year contract. While Hammonds 49 will manage the bank’s IT systems as well as the bank’s technology and operations, Steinmüller 62 will manage business within the Hong Kong region. He has been in charge of transaction banking since 2004.
The two have been instrumental in the running of various operations of the bank. Hence Achleitner is confident that they will do well in getting fundamental changes for their particular dockets. Chief Executive Officer of Deutsche Bank, John Cryan is also impressed about the expansion of the Management Board which is now at 11 members
About Deutsche Bank
The global financial institution is inspired to go to any heights in its efforts to provide development to its Deutsche Asset Management. The institution has already generated €3.3 billion in revenue from Asset Management in 2015. It is one of the very noticeable business divisions among the leading four within the bank perhaps as a result of its strong revenues and a higher return on equity. Apparently, all the bank’s business units have previously suffered from revenue declines in the second quarter.
Nevertheless, it is has a real presence in Europe, America and Asia Pacific. It has some wealth managed products and services, and some of its customers include corporations, governments, institutional investors, various business as well as corporations, governments, institutional investors.