April 24, 2018 / 11:50 AM / 7 months ago

UPDATE 1-Deutsche Bank names new COO in latest top management shake-up

* Replaces Kim Hammonds, who stepped down last week

* Charged with simplifying bank’s IT, cutting costs (Updates with details from statement, background)

FRANKFURT, April 24 (Reuters) - Deutsche Bank has appointed Frank Kuhnke as its new chief operating officer, the German bank said on Tuesday, in the latest reshuffle of its senior management.

Kuhnke replaces Kim Hammonds, who stepped down last week, having come under pressure after critical comments she made about the bank became public.

Unlike Hammonds, Kuhnke will not be a member of the management board, but he will regularly attend its meetings, Deutsche Bank said.

In a statement, Deutsche’s chief executive officer Christian Sewing said that Kuhnke would simplify the bank’s technology and cut costs. “He is able to systematically make complex processes and structures more efficient,” Sewing said.

Deutsche has shaken up its top managers in the past few weeks after investors became frustrated with the bank, which has had three years of losses.

Chief Executive Officer John Cryan was ousted, replaced by his deputy Sewing, and a top investment banker, Marcus Schenck, also left the bank.

Kuhnke joined Deutsche in 1986 and has worked in Tokyo, London, New York and Germany. Since January 2016, he was divisional control officer, chief administrative officer and also head of operations of Deutsche’s private and commercial bank. (Reporting by Tom Sims Editing by Maria Sheahan and Jane Merriman)

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