Head of Deutsche Bank’s investment bank steps down ahead of major restructuring

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Head of Deutsche Bank’s investment bank steps down ahead of major restructuring GlobeBusiness

Ritchie’s departure and the change in board representation are just two elements of a sweeping, multi-billion dollar overhaul that Deutsche Bank is planning to unveil in the coming days, a month after its shares hit a record low.

Deutsche Bank’s supervisory board is expected to meet on Sunday to discuss the restructuring, which could see as many as 20,000 job cuts, with New York and London bearing the brunt. Among other measures the bank is examining is the creation of a separate “corporate bank” to streamline services now spread across the lender, two people familiar with the matter said.It is also planning to set up a “bad bank” to hold tens of billions of euros of non-core assets.Sewing wants to reduce the size of the bank’s nine-member management board and the bank is still haggling over this, a person with knowledge of the matter said on Friday.

The effort would seek to reduce overlap and the new division would have a seat on the board, the people said, confirming news first reported by the Sueddeutsche newspaper.The new corporate bank would include the transaction bank, which has been a segment of the investment bank, they said.

 

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