Deutsche Bank’s DWS Rolls Out New Hierarchy, Scraps Job Titles

Deutsche Bank AG’s asset manager is scrapping the role of managing director as it looks to flatten hierarchies and link career progression to performance instead of tenure.

DWS Group on Wednesday replaced all corporate titles with functional role descriptions, Executive Office Head Bjoern Pietsch, one of the leaders of the project, said in a telephone interview.

The roll-out coincided with the announcement of individual bonuses at DWS and Deutsche Bank. This year’s pool at DWS is about as big as last year’s, according to people familiar with the asset manager’s plans.

DWS’s pretax profit rose 16% last year ...