Jain and Fitschen Shake Up Deutsche Bank

Deutsche Bank AG has begun reshaping its senior management ahead of a planned change in leadership at the bank in May.

Chief Risk Officer Hugo Bänziger and Chief Operating Officer Hermann-Josef Lamberti will be asked to leave, according to people familiar with the matter, and the bank will look to appoint three new management-board members, as well as two people to run the bank's investment-banking unit.

The moves come as investment-banking chief Anshu Jain and Germany head Jürgen Fitschen, who take over as co-CEO's from Chief Executive Josef Ackermann at the end of May, presented their strategic plan to a Deutsche Bank supervisory board committee this week.

The pair disclosed plans to make the management of Germany's largest bank even more international, with a focus on the fast-growing Asian market. The choices also reflect a decisive turn away from Ackermann and toward Jain's trusted inner circle.

"There's an influx of new blood to the management board, and these are guys [Jain] has worked with," said Christopher Wheeler, a London-based banking analyst with Mediobanca.

The bank declined to comment and none of the players involved were available to comment.

There will be three successors for Mr. Lamberti and Mr. Bänziger, all from Jain's investment-banking division, as duties are reshaped.

Stephan Leithner, an Austrian and co-head of investment-banking coverage and advisory, will oversee the bank's legal risks and human resources. He also will be CEO of the bank's European operations, excluding Germany.

William Broeksmit, the U.S.-born risk manager for the investment bank, will become chief risk officer in charge of managing Deutsche Bank's risk portfolio.

Henry Ritchotte, an Irish-American who has served as chief operating officer of the investment bank, will take over the technology and operations aspects of the full bank as chief operating officer.

Two men will take over Jain's role as head of the investment bank. Colin Fan, a Chinese-born Canadian who heads up credit trading and emerging markets, will oversee sales and trading and partner with Australian Robert Rankin, head of the bank's Asian business, who will take over corporate finance and origination. Rankin's appointment reflects the importance the new CEOs' place on the region.

The picks to head the investment bank are a "clever" choice and "a win for Asia and for credit," Wheeler said, and show the bank's reliance on those areas for growth.

Michele Faissola, the Italian-born head of rates and commodities, will be asked to lead a new business group called asset and wealth management, which will include parts of the bank's asset-management business not under strategic review, its existing private-wealth management business, and the investment bank's asset-management exchange-traded-fund business.

Current head of asset management, Kevin Parker, is widely expected to leave once a strategic review of his division is completed. The bank said last week it is in negotiations with Guggenheim Partners to sell most of the division.

Analysts cautioned that a few of Deutsche Bank's biggest investment bankers were skipped for prime jobs, something that could lead to departures in the coming weeks.

During their presentation, Jain and Fitschen also stressed their commitment to all aspects of the Deutsche Bank's business, a person familiar with the matter said.

Approval by the supervisory board is still needed for the management-structure changes. A vote is planned for March 16, according to the people familiar with the matter.

Write to Laura Stevens at laura.stevens@wsj.com