Deutsche Bank AG (DBK.XE) said Tuesday that the head of its Postbank retail-banking business in Germany will join the lender's management board this week, as previously announced, now that regulatory requirements have been met.
Frank Strauss, a 47-year-old German executive with Deutsche Bank since 1995, on Sept. 1 will bring the number of management-board members to 12. The lender announced his planned promotion earlier this year as part of its latest overhaul, which reversed an earlier decision to sell Postbank.
Instead, the business will be merged into the broader private and commercial bank, and will be co-managed by Mr. Strauss and Christian Sewing. Mr. Sewing holds the additional senior title of co-president of Deutsche Bank, along with investment-bank co-head Marcus Schenck. They jointly report to Chief Executive Officer John Cryan.
Deutsche Bank's planned integration of Postbank will be a test of its ability to control costs and stabilize a pillar of its home-market business in Germany. Mr. Strauss has held a number of management positions at Deutsche Bank primarily in Europe, serving private and business clients, and became chairman of Postbank in 2012.
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(END) Dow Jones Newswires
August 29, 2017 10:05 ET (14:05 GMT)