FRANKFURT: The head of Deutsche Bank's investment bank agreed to step down on Friday in a sign of the division's waning influence as Germany's largest lender readies a multi-billion dollar restructuring aimed at reversing a decline in its fortunes.
A wider overhaul, one of several in recent years, signals that Deutsche Bank is coming to terms with its failure to keep pace with Wall Street's big hitters such as JP Morgan and Goldman Sachs . The lender is still hammering out details on a variety of issues, with the exact makeup of a trimmer management board one unanswered question, people familiar with matter said.
The investment bank generates about half of Deutsche Bank's revenue but is also considered its Achilles heel. The bank has said it was working on measures to accelerate its transformation so as to improve its sustainable profitability."We will update all stakeholders if and when required," the bank said.
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