(Bloomberg) -- Some Deutsche Bank AG shareholders have called for Chief Executive Officer Christian Sewing to end his role in supervising the investment banking division amid concern it may distract him from his main job, the Telegraph reported.
Deka Investment, one of the bank’s shareholders, called it “unusual” for a CEO to run a division while there’s ongoing restructuring involving 18,000 job losses. Ingo Speich, the head of corporate governance for Deka, suggested that it would be more appropriate to split the function. Another investor, who wasn’t identified in the report, also cited concerns to the Telegraph.
Deka owns a stake of 0.78% in Deutsche Bank, according to Bloomberg data.
The investors’ comments come at a time when regulators were said to be urging Sewing to hand oversight of the investment bank to someone else to focus on his main role.
Deutsche Bank said Nov. 1 that it added Fabrizio Campelli to the management board to lead the current restructuring.
Asked about the Telegraph article, a spokesman for the lender said Sunday that “there are presently no plans to change management board responsibility for our investment bank.”
“We have a well-functioning governance structure in the management board and the group management committee that ensures the effective sharing of strategic planning and daily management of the core businesses,” the spokesman said in an emailed statement.
The promotion of Fabrizio Campelli to the management board this month in the newly created role of head of transformation “gives the CEO and his deputy far more time to focus on the strategic direction and development of the business,” he added.
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