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Deutsche Bank has appointed Raja Akram, currently deputy CEO at Morgan Stanley, as its new CFO, effective next year, succeeding James von Moltke. CEO Christian Sewing's term has been extended until April 2029, while chief legal officer Stefan Simon will depart in May.In other news, Alexis Kohler, a key adviser to President Macron, will join Société Générale as executive VP in June, overseeing investment banking teams amid the bank's turnaround strategy following recent scandals.
Deutsche Bank has announced a leadership shake-up, with CFO James von Moltke departing and being succeeded by Raja Akram from Morgan Stanley. CEO Christian Sewing's contract has been extended until April 2029, while chief legal officer Stefan Simon will leave in May for personal reasons. The changes come as the bank seeks to refine its strategy amid ongoing challenges.
Cryptocurrency prices surged after former President Trump proposed a US strategic reserve for digital assets, aiming to legitimize the industry. Bitcoin rose over 11% to trade above $94,000, while legislative proposals for a reserve are advancing despite some opposition.In banking news, Deutsche Bank faced disputes with the ECB over loan loss provisions, with the central bank suggesting a higher estimate of €2.5bn compared to Deutsche's €1.5bn. The bank ultimately reported €1.8bn in provisions for 2024, leading to the resignation of its chief risk officer.
Deutsche Bank faced scrutiny from the European Central Bank (ECB) in 2024 over its credit risk management and loan loss provisions, ultimately raising its bad loan provisions to €1.8bn, exceeding initial expectations. The ECB suggested that the bank's internal estimates were too low, proposing a figure closer to €2.5bn. Following these warnings, Deutsche's chief risk officer announced his departure, while the bank maintained that it had a constructive dialogue with regulators regarding its risk management practices.
Olivier Vigneron
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Deutsche Bank appoints Raja Akram as new CFO amid leadership changes
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13:21 28.03.2025
deutsche bank appoints new cfo amid leadership changes and strategy shift
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