Deutsche Bank to split investment unit in two

Frankfurt

DEUTSCHE Bank said on Sunday that it would split its investment bank in two and overhaul its top management as the lender, Germany's largest, tried to overcome legal problems and address criticism that it was inefficient.

As part of the reorganisation, which was approved by the bank's supervisory board at a meeting on Sunday, several top executives will leave, including two who were criticised for their handling of accusations that Deutsche Bank colluded with other banks to rig benchmark interest rates.

The changes represent the first major attempt by John Cryan, co-chief executive of Deutsche Bank since July, to address complaints from shareholders that the bank is too complicated and not profitable enough. Mr Cryan replaced Anshu Jain, who was a key figure in making Deutsche Bank a competitor to big investment banks such as Goldman Sachs and JP Morgan Chase, but resigned in p…