Deutsche Bank has promoted its chief financial officer James von Moltke to deputy chief executive, the bank announced on Friday (March 25).
While continuing to serve as CFO, von Moltke will be the second of two deputies, alongside Karl von Rohr, who has held the position since 2018. Von Moltke has been with Deutsche as CFO for five years and played a safe role in controlling costs and communicating with investors and the public.
CEO Christian Sewing said von Moltke’s promotion will give the company “the right governance structure for long-term success in times of increasing complexity and volatility.”
Deutsche Bank began a major restructuring in 2019, which involved cutting 18,000 employees and exiting some of its businesses. As Reuters wrote on Friday, 2021 was the most profitable year for the bank in the past decade, after posting its second consecutive annual profit after years of losses.
In February, PYMNTS wrote that federal prosecutors had dropped criminal charges against Deutsche Bank, Citigroup and four senior bankers in a “significant cartel case” by Australia’s Competition and Consumer Commission.
See also: Criminal charges against Deutsche Bank and Citigroup dropped in Australian banking cartel case
The case, which had been pending since 2015, was reportedly dropped after the commission deemed it unlikely to secure convictions. It avoided what could have been one of the biggest white-collar criminal trials in Australia.
There were also related charges against Australia’s ANZ and two senior bankers which were dropped last year.
The case is also linked to a share placement by ANZ in August 2015 and phone calls from banks, which had subscribed to the A$2.5 billion fundraising. This included discussions of selling the remaining stock on their books.
According to the Australian Competition and Consumer Commission, the bankers’ actions were fundamentally “cartel behavior”, and the banks said the transactions complied with Australian regulatory guidelines.