No more MDs or VPs: Deutsche Bank's asset management unit to abolish titles

FRANKFURT (Reuters) - Deutsche Bank's DWS asset management subsidiary is doing away with most titles as of next year, according to an internal memo on Tuesday. The abolition of positions like managing directors and vice presidents 'will build a collaborative work environment with flat hierarchies based on functional roles, skills and capabilities as well as a clear performance culture', said the memo, seen by Reuters

Reuters November 13, 2019 00:07:16 IST
No more MDs or VPs: Deutsche Bank's asset management unit to abolish titles

No more MDs or VPs Deutsche Banks asset management unit to abolish titles

FRANKFURT (Reuters) - Deutsche Bank's DWS asset management subsidiary is doing away with most titles as of next year, according to an internal memo on Tuesday.

The abolition of positions like managing directors and vice presidents "will build a collaborative work environment with flat hierarchies based on functional roles, skills and capabilities as well as a clear performance culture", said the memo, seen by Reuters.

As a result, there will be no corporate title promotions in 2019, the memo said. DWS will still have a chief executive and chief financial officer.

A spokesman confirmed the authenticity of the memo.

(Reporting by Hans Seidenstuecker, Writing by Tom Sims; Editing by Emelia Sithole-Matarise)

This story has not been edited by Firstpost staff and is generated by auto-feed.

Updated Date:

TAGS:

Find latest and upcoming tech gadgets online on Tech2 Gadgets. Get technology news, gadgets reviews & ratings. Popular gadgets including laptop, tablet and mobile specifications, features, prices, comparison.

also read

Airline easyJet's first-half loss widens as COVID-19 hurts travel, seeks cash
Business

Airline easyJet's first-half loss widens as COVID-19 hurts travel, seeks cash

(Reuters) - Budget airline easyJet on Wednesday reported a bigger loss for the first half as it took a 160-million-pound hit ($199 million) from failed fuel hedging as the COVID-19 pandemic brought global air travel to a virtual standstill. The London-listed company reported a pretax loss of 353 million pounds for the six months ended March 31 from a loss of 272 million pounds last year. Revenue rose 1.6%, though easyJet took a hit from strikes in France, and storms Ciara and Dennis.

Bayer settles Roundup cancer lawsuits for up to $10.9 billion
Business

Bayer settles Roundup cancer lawsuits for up to $10.9 billion

FRANKFURT (Reuters) - Bayer AG on Wednesday said it agreed to settle U.S.

Sudan to establish trade financing fund in face of forex shortage
Business

Sudan to establish trade financing fund in face of forex shortage

KHARTOUM (Reuters) - Sudan will create a trade financing fund with a portfolio of $2 billion to aid the import and export of key commodities such as wheat, the Finance Ministry said, as the supply of foreign currency in circulation dwindles. Sudan's economy is at risk of freefall, hammered by an inflation rate of more than 100% and frequent shortages of bread, fuel and medicine. The country's currency has also fallen to a record low of 150 Sudanese pounds to the dollar on the black market compared with 55 at the official rate