Deutsche Bank taps COO  Ritchotte to lead new digital bank

Deutsche Bank taps COO Ritchotte to lead new digital bank

Deutsche Bank chief operating officer Henry Ritchotte is leaving his position to set up a new digital bank for the German giant.

News of the new venture was sneaked out as part of a statement on a major management reshuffle at Deutsche bank, which sees Ritchotte replaced as COO by current global CIO and co-head of group technology and operations, Kim Hammonds.

Ritchotte, a 20 year Deutsche Bank veteran who earlier this year also took on the title of chief digital officer, will "assume a key role in refocusing Deutsche Bank," says Paul Achleitner, chairman of the supervisory board.

However, no details of the digital bank have been revealed, with the statement promising only to give an update at "a later point in time".

In April Deutsche announced plans to shutter 200 branches and invest an additional EUR1 billion over the next three-to-five years to create "a more digital bank".

The retail business will see EUR400-500 million spent on digital technologies to develop a "leading advisory-driven, omni-channel proposition for private and commercial clients".

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