FRANKFURT Germany's top lender Deutsche Bank is promoting two of its senior managers to deputy chief executives, complementing strategic adjustments and an 8 billion euro ($8.50 billion)capital raise.
Finance head Markus Schenck and retail head Christian Sewing will take on roles as co-deputy chief executives alongside bank chief John Cryan with immediate effect.
Schenck will also become co-head of the investment bank alongside Garth Ritchie, who currently heads the bank's bond and equities trading activities.
Jeffrey Urwin, currently head of corporate and investment banking which helps clients with acquisitions, raising debt and equity, is stepping down from his post, while the bank will at a later stage name a successor to CFO Schenck.
Deutsche Bank also set itself new financial targets. It is now planning for 2018 adjusted costs of about 22 billion euros and with 21 billion by 2021, both including Postbank and compared with 24.1 billion euros in 2016.
It is targeting returns (post-tax RoTE) of about 10 percent and a return to paying a "competitive dividend" for its fiscal year 2018.
It sees its fully loaded core equity tier 1 ratio to be comfortably above 13 percent and its leverage ratio to be at 4.5 percent going forward.
($1 = 0.9416 euros)
(Reporting by Arno Schuetze; Editing by Victoria Bryan)