Deutsche Bank (DBK,Xetra), one of the largest European banks, announced after the meeting held in its Frankfurt headquarters on Sunday, a plan to revamp current business model, The plan is aimed at combining corporate finance and global transaction banking business into one unit, while leaving its asset management and private and business clients division as independent units. As a result of the meeting, the banks group committee will also cease to exist and banks co-head of investment Colin Fan will be leaving his post on October 19. The bank has had a turmoil in recent months, from replacing former a CEO Anshu Jain with John Cryan to facing allegations of rigging Libor rates, for which it was forced to pay a record $2.5 billion fines to U.K. and U.S. authorities.