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[DUBAI] Deutsche Bank AG appointed Jamal Al Kishi as chief executive officer for the Middle East and Africa, replacing Ashok Aram who expanded his role to take charge of Europe.
Saudi national Al Kishi will remain as CEO of Deutsche Securities Saudi Arabia, subject to regulatory approvals, and will chair the Middle East and Africa executive committee, the Frankfurt-based lender said in a statement Monday. The bank also named Salah Jaidah, its chief country officer in Qatar, as chairman of the Middle East and North Africa.
Deutsche Bank plans to shrink its workforce by about 26,000 people by 2018 as co-CEO John Cryan seeks to improve returns. The lender will close operations in 10 countries including Mexico, Norway and New Zealand, move trading businesses from Brazil to global and regional hubs, and reduce the number of investment banking clients.
Mr Al Kishi said in an interview in December that Deutsche Bank expected its best-ever performance in Saudi Arabia in 2015, even as oil slumped and the country's economic growth slowed.
Mr Aram, who led the Middle East since 2010, became CEO of Europe, Middle East and Africa, co-CEO Juergen Fitschen said Oct 29. EMEA will be managed from Europe, he said.