Deutsche Postbank CEO steps down

by Gill Montia

Story link: Deutsche Postbank CEO steps down

The chief executive officer of Deutsche Postbank AG, Wolfgang Klein, is stepping down.

News of his departure follows a split over the future direction of Germany’s biggest retail bank among its board of directors.

Dr Klein’s time in office has been terminated by “mutual agreement” and he will be replaced by Stefan Jütte on 1st July.

Mr Jütte, who has been a member of the bank’s management board since 2000, is currently head of lending.

The forty-five-year-old is expected to hold his new post for the next three years.

In September of last year, Deutsche Bank acquired 29.75% of Postbank in a move aimed at balancing the former’s investment banking operations with its retail banking businesses.

Postbank has 14.5 million customers and the acquisition has allowed Deutsche Bank to sell its real estate and investment services through Postbank’s 850 branch network.