BREAKING NEWS

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

No more MDs or VPs: Deutsche Bank's asset management unit to abolish titles
FILE PHOTO: The logo of Deutsche Bank's asset management unit DWS is pictured at the Frankfurt Stock Exchange, Germany March 23, 2018. REUTERS/Kai Pfaffenbach -
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KAI PFAFFENBACH(Reuters)
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FRANKFURT (Reuters) – Deutsche Bank’s DWS <DWSG.DE> 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)

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