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Deutsche Bank appoints executive body to steer domestic retail business

FILE PHOTO: A statue is pictured next to the logo of Germany's Deutsche Bank in Frankfurt, Germany, September 30, 2016. REUTERS/Kai Pfaffenbach/File Photo

FRANKFURT (Reuters) - Deutsche Bank has appointed a new executive committee to help to oversee its German retail business as part of the lender’s broader overhaul.

Manfred Knof, head of the retail division, made the announcement on Thursday in a note to employees that was seen by Reuters.

The new body will steer the retail division in the group’s domestic market under the Deutsche Bank and Postbank brands, Knof wrote. The committee will coordinate with other divisions of the bank, he said.

Deutsche in July announced a broad restructuring involving job cuts and a retreat from certain businesses in an effort to become profitable.

Deutsche’s retail division has 20 million customers.

Reporting by Patricia Uhlig and Tom Sims; Editing by David Goodman