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Deutsche Bank has appointed Campbell to implement a turnaround plan



FILO PHOTO: The Deutsche Bank logo is seen in Hong Kong, China, July 8, 2019. REUTERS / Tyron Siu / File Photo

BERLIN (Reuters) – Deutsche Bank (DBKGn.DEOn Friday, it said it had promoted Fabrizio Campelli to a chief transformation officer with the mandate to oversee the biggest reorganization in the bank's history, including its plans to cut 18,000 jobs worldwide.

Campelli will oversee the bank's transformation processes and its workforce, tasks previously shared by several executives. He is the global head of wealth management bank, but is starting his new role with immediate effect.

"Given the size of the task, there should be one Board member who will devote all his energies to this comprehensive transformation," Supervisory Board Chairman Paul Aclitner said in a statement.

The cost of the bank's reversal plan, released in July, is estimated at $ 7.4 billion.

Reporting by Hans Seidenstucker, Writing by Ryam Alkusaa, Editing by Susan Henton

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