April 19, 2018 / 11:24 AM / a month ago

Deutsche Bank considers cutting number of top executives - source

FRANKFURT (Reuters) - Deutsche Bank (DBKGn.DE) is considering reducing the size of its executive board after the departure of chief operating officer Kim Hammonds, a person close to the matter said.

FILE PHOTO: Kim Hammonds, when she was Deutsche Bank COO, attends a news conference in Frankfurt, Germany, January 28, 2016. REUTERS/Kai Pfaffenbach/File Photo

The responsibility for information technology, which was Hammond’s main task, may be transferred to another board member, the person said, adding the bank would need clearance from supervisory authorities for a such move.

Deutsche Bank declined to comment on the matter, which was first reported by daily Handelsblatt.

The lender announced Hammonds’ departure on Wednesday, amid a continuing reshuffle of its executive management.

    Hammonds had been tasked with streamlining the bank’s IT systems, which former Chief Executive John Cryan called ‘lousy’ when he took the helm. But she came under pressure after disparaging comments she made about the bank became public.

    Hammonds is the latest to go in a major shake-up of top managers. Cryan was ousted last week, replaced by his deputy Christian Sewing, and a top investment banker, Marcus Schenck, also left the bank.

    Hammonds told colleagues earlier this year that Deutsche was “the most dysfunctional company” she had ever worked for, according to a person with direct knowledge of the matter.

    Reporting by Andreas Framke; Writing by Arno Schuetze; Editing by Mark Potter

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