Deutsche bank restructures: ritchie leaves, sewing takes over

Deutsche bank restructures: ritchie leaves, sewing takes over

Deutsche bank restructures the management of its investment bank, which has been flagging recently. Group CEO christian sewing will take over responsibility for the corporate and investment bank on the executive board.

This was announced by the dax group in the midst of deliberations on a fundamental restructuring of the institution on friday in frankfurt.

The current head of the division, british garth ritchie, will leave the bank "by mutual agreement" and will retire on 31 december. July resigns as board member. He will continue to advise the bank on regulatory issues relating to the brexit until the end of november 2019.

Ritchie, who was born in 1968, had only been appointed by the supervisory board in april 2018 as one of two deputies to sewing, who was then appointed to the chief executive post. Ritchie, who joined deutsche bank in 1996, had been a member of the board of management since july 1, 2009. January 2016.

But the bottom line is that business in his division has been bad lately. The comparatively lavish pay for ritchie also drew a lot of criticism from shareholders.

8.6 million euros including bonuses for fiscal 2018 – more than sewing (7 million euros) and almost as much as the seven board members of commerzbank together, which almost became a merger partner of deutsche bank. 3 million alone awarded to ritchie by supervisory board for his leading role in brexit preparations at germany’s biggest money house.

Consultations are currently underway at deutsche bank about a radical rebuild. In media reports for days about the dismantling of 15.000 to 20.000 full-time positions speculated. Cuts expected above all in investment banking.

Traditionally, this includes trading in securities and foreign exchange of all kinds, as well as the management of company takeovers, mergers and stock exchange transactions. Above all, the US business of the german bank could be further cut down.


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