COO of Deutsche Bank To Step Down Amid Continuing Reshuffle in Management

    Photo via Handelsblatt

    On Wednesday, Deutsche Bank announced that amid a continuing reshuffle of the executive suite of the firm, Kim Hammonds, the chief operating officer of the German lender, is stepping down from her post.

    Hammonds had been assigned to streamline the IT systems of the bank. However, she came under pressure following the disparaging comments that she has made regarding the bank.

    Deutsche Bank stated that she will be leaving her post by “mutual agreement” and that her successor would be identified following some consultations with the regulators.

    Hammonds is the most recent executive to leave the firm in a major shakeup of the top managers of the bank. Last week, John Cryan, the Chief Executive Officer, was ousted and replaced by Christian Sewing, his deputy. Also Marcus Schenck, a top investment banker, also left the bank.

    According to a person that has direct knowledge regarding the matter, earlier this year, Hammonds informed her colleagues that Deutsche was “the most dysfunctional company” that she had ever worked for.

    In a statement that was released on Wednesday, Hammonds stated: “I know Deutsche Bank is well on track to regain its position as a leading financial institution.”

    According to a memo that was sent to the staff of the bank, the head of investor relations, John Andrews, is also leaving the bank. His post will be taken over by James Rivet.

    In the memo, James von Moltke, the finance chief, wrote to the staff: “John feels that this is the right time to take this step with the leadership changes recently announced.”