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Report: New hires to now require CEO, Deputy CEO, CFO approvals at Deutsche Bank

Deutsche Bank AG is tightening the process for hiring new people globally, with any new hire now requiring approval from the bank's CEO Christian Sewing, deputy CEO Karl von Rohr and CFO James von Moltke, Reuters reported Aug. 21, citing an internal memo.

The move comes amid the group's ongoing restructuring, which includes the creation of a bad bank with €74 billion of risk-weighted assets, the separation of its transaction bank into a new business unit and 18,000 job cuts by 2022.

The new policy will run throughout 2019, and the bank will deliberate on any potential revisions to it at the end of the year, the report added.

"Hiring will be restricted to positions that are viewed as critical to the bank's success and future growth, with a greater emphasis on internal mobility and identifying tasks we can discontinue," according to the memo seen by the newswire.