Deutsche Bank shake-up to include IT overhaul

London

WHEN Deutsche Bank AG shelled out more than 6 billion euros (S$9.2 billion) to buy Deutsche Postbank AG in 2010, it wound up spending another one billion euros to mesh and upgrade their computer systems. The job was still underway in April, when Deutsche Bank said it would sell the unit.

That's just a taste of what Kim Hammonds, a mechanical engineer with two years of banking experience, may face as she heads an unprecedented effort to redesign and rebuild information technology systems across Deutsche Bank. Co-chief executive officer John Cryan is relying on the former Boeing Co executive to lead the project, a risky and monumental job at a lender with 1.7 trillion euros in assets and more than 100,000 employees.