Deutsche Bank has appointed Frank Kuhnke as its new chief operating officer as management shake-up continues
Deutsche Bank has announced a new chief operating officer as the German lender’s management shake-up continues.
Frank Kuhnke has been appointed by the board and will be responsible for technology and central operations, including information security, data management, digital transformation and corporate services.
Kuhnke takes over from Kim Hammonds, who will leave the bank after this year’s annual general meeting. He will report into Deutsche Bank’s new boss Christian Sewing and will regularly attend meetings of the management board, having also been appointed as a senior group director.
Read more: Deutsche Bank’s new boss tells employees “tough decisions” will be taken
Sewing said:
In his tenure at Deutsche Bank of more than three decades Frank Kuhnke has proven that he is strong at taking decisions and executing them.
He is able to systematically make complex processes and structures more efficient. Together with his team he will continue simplifying our bank’s technology and operations, cut costs and strengthen our innovation potential.
We have been working together closely for many years, and I am looking forward to continuing our journey together.
Kuhnke joined Deutsche Bank in 1986 and has been divisional control officer, chief administrative officer and head of operations of the private and commercial bank during his career there.
The appointment comes after Sewing was confirmed as the bank’s new chief executive earlier this month, replacing John Cryan.
Sewing, who has spent his entire career at Deutsche Bank, was Cryan’s co-deputy, along with Marcus Schenck.
The new boss has already told employees “tough decisions” will have to be taken, and an investment banking review is on the cards.
In a letter to the firm’s workers published on the company’s site, Sewing said to get the bank profitable again, he will “take tough decisions and execute them”.
He said he planned to “thoroughly analyse” how Deutsche Bank wants to position its investment bank in a tricky market environment, citing the need to further adapt its revenue, cost and capital structure.
Read more: Christian Sewing confirmed as new Deutsche Bank head