Deutsche Bank AG, which on Thursday announced record earnings of DM9.7bn (E4.96bn; 1999: DM5.3bn) on the back of a strong performance in investment banking, announced plans to integrate its substantial industry holdings with its various private equity and venture capital activities. The new entity will be known as Corporate Investments.
The plan is part of Deutsche's overall organisational revamp, an agenda that will reduce the bank’s current five divisions to two large entities. As expected, Deutsche confirmed that Josef Ackermann will take the helm of its new corporate and investment banking arm, whilst Rolf Breuer will be put in charge of retail banking and asset management.
The changes are meant to generate combined cost savings and profit increase of E1.5bn. At least 2,600 jobs will be lost. Deutsche said it was aiming at an after-tax return on equity of over 15 per cent to be accomplished by 2003.
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