Deutsche Bank's chief executive, Rolf Breuer, has been forced to restructure the bank's Vorstand board to give more power to his successful investment banking division, run by Josef Ackermann, following the humiliating collapse of the merger with Dresdner Bank.

Two of Ackermann's most senior lieutenants, Edson Mitchell, head of global markets, and Mike Phillip, head of global equities, are set to be promoted to the Vorstand as managing directors. They are the first Americans to join the board. Their appointment is due to be announced on June 9 when Deutsche Bank holds its annual meeting in Frankfurt.