Deutsche Bank outlines organization of revamped investment bank
By Tom Sims
FRANKFURT (Reuters) - Deutsche Bank (DBKGn.DE: Quote) has outlined clearly differentiated roles for the co-heads of its revamped investment bank to make it more efficient and is also creating a new global markets division.
In an email to employees on Wednesday, Deutsche Bank said it wanted to reduce bureaucracy and simplify the organization, which would in turn lead to substantial cost savings this year.
Marcus Schenck and Garth Ritchie, named this year to lead the reorganized corporate and investment bank, outlined in the email how they would split their duties.
Germany's largest lender has been trying to regain its footing after a series of scandals, lawsuits and bets that went wrong pushed it to the brink of collapse last year.
The memo said Schenck would concentrate on clients, overseeing corporate finance, global capital markets, and the bank's institutional client group.
Ritchie will focus on products and processes, supervising equities, fixed income and currencies, global transaction banking, electronic trading, listed derivatives and clearing, research and the division's technology and operations.
The new global capital markets division announced in the memo will be jointly headed by Alexander von zur Muehlen in Frankfurt and Mark Fedorcik in New York.
Schenck and Ritchie said the changes would take effect on July 1, when Schenck moves to the corporate and investment bank full time after serving as Deutsche's chief financial officer. Continued...