Deutsche Bank shares are trading higher Tuesday as the German bank names a new COO ahead of reporting its Q1 earnings results later this week. The global financial services business now has a new CEO and COO in place as it plans to move forward with restructure plans.
By 1305 BST, Deutsche Bank shares were 3.35% higher at €12.08. The stock has seen some mild improvement over the past four weeks, as it made major changes to its leadership team.
New Deutsche Bank COO
Deutsche Bank’s new Chief Operating Officer (COO) is Franke Kuhnke. He will succeed Kim Hammonds who announced her intention to step down from the German business last week.
Kuhnke’s new role will place the responsibility of technology and central operations, including information security, data management, digital transformation and corporate services, in his hands. Kuhnke has also been appointed as a senior group director for Deutsche Bank.
The new role is a promotion for Kuhnke. He has been with Deutsche Bank since 1986. Since January 2016 Kuhnke’s roles have included:
- Divisional Control Officer.
- Chief Administrative Officer.
- Head of Operations of the Private & Commercial Bank.
“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,” said Deutsche Bank’s new CEO, Christian Sewing.
“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,” Sewing added.
Busy period for Deutsche Bank
As the German-based financial services business unveils a new leadership team, a report from Reuters suggests Sewing and his team have had a busy period ahead of the bank’s Thursday Q1 earnings release.
Citing sources, the news agency said its possible that significant changes to the bank’s strategy could be announced this week.
Specifically, the bank could potentially announce cuts to equities trading and its prime brokerage services. Other cuts are also reportedly being considered.