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.
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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)