Deutsche Bank, Germany’s biggest bank, is shaking up some of its top management positions as part of changes ahead of when Josef Ackerman steps down as chief executive in May, media reports said, citing unnamed sources.

Among the key changes is that Michele Faissola, head of rates and commodities, will head up a new business group called asset and wealth management. This will include its existing private-wealth management business.

The German firm did not reply to WealthBriefing’s request for comment or confirmation by the time of going to press.

Chief risk officer Hugo Bänziger and chief operating officer Hermann-Josef Lamberti will be asked to leave. Meanwhile, Anshu Jain and Jürgen Fitschen, due to take over as co-chief executives from current CEO Josef Ackermann at the end of May, have presented their strategic plan to the nominating committee this week.

Lamberti and Bänziger will be succeeded by three new board members. Stephan Leithner, currently co-head of Deutsche Bank's investment banking coverage and advisory, will oversee the bank's legal risks and some areas of human resources. He will also be CEO of the bank's European operations, reports said. William Broeksmit will become chief risk officer in charge of managing the bank's risk portfolio, and Henry Ritchotte, currently chief operating officer of the investment bank, will take over the technology and operations aspects of the full bank as chief operating officer.

A vote on any moves by the supervisory board is due on 16 March.