Deutsche Bank shifts power to co-CEO Jain in board reshuffle

Bids adieu to retail banking head Rainer Neske

Deutsche Bank reshuffled its management board late on Wednesday, consolidating restructuring authority under co-Chief Executive Anshu Jain while bidding farewell to its retail banking head Rainer Neske.

The bank put Stefan Krause, already scheduled to hand his duties as chief financial officer over to fellow board member Marcus Schenck, in charge of the growing transaction banking division and the non-core assets unit, Deutsche said in a statement.

Deutsche will also seek to install Krause as supervisory board chairman of retail lender Postbank , which Deutsche aims to list on the stock exchange by the end of 2016.

Deutsche confirmed that Neske will leave on June 30, to be replaced by Christian Sewing, who is also responsible for legal matters.

Alan Cloete, the bank's co-Chief Executive Officer of Asia Pacific, and Colin Grassie the Chief Executive for the bank's UK operations, will also leave Deutsche Bank in the near future, the lender said.