Deutsche Bank shares are flying after a management reshuffle

Shares in Deutsche Bank are surging after the company announced a huge management overhaul on Sunday.

The stock was up more than 3% as of 10:17 a.m. UK time in Frankfurt trading.

Here's what that looks like:

Investing

There's was a lot to digest in the Sunday statement but here's the three-point nutshell.

New CEO John Cryan is:

• simplifying Deutsche Bank's management structure, by merging the corporate finance and global transaction units and cutting 10 of the 16 management committees.
• clearing out executives who were close to former chief Anshu Jain, such as securities co-chief Colin Fan and asset management head Michele Faissola.
• giving regulatory and compliance people a bigger say in how the business is run.

Investors seem happy that Cryan is taking the initiative in dealing with Deutsche Bank's structural and regulatory problems.