Exclusive: Deutsche Bank poised to name investment banking leaders - sources
By Olivia Oran and Anjuli Davies
NEW YORK/LONDON (Reuters) - Deutsche Bank could announce a new executive structure at its investment bank as soon as this week, as part of chief executive John Cryan's shake-up of Germany's largest lender, sources familiar with the matter told Reuters.
The German bank, which has a big presence on Wall Street, announced in October that it would split its investment bank in two after mounting shareholder pressure for reform, with one part focusing on corporate and investment banking - traditional mergers and acquisitions and other advisory work - and the other on sales and trading.
The corporate and transaction banking operations have been brought together in a Corporate & Investment Banking unit to be overseen by current investment bank co-head Jeff Urwin.
Deutsche poached Urwin, a Briton, in February from JP Morgan, where he co-headed the global banking unit, having joined the U.S. bank in 2008 as part of its acquisition of Bear Stearns.
"He’s shaking things up, he’s expected to bring in his exco (executive committee) pretty soon," said one of the sources.
"They’ve already done the senior level appointments so now you need the exco for CIB and Markets."
As part of the radical overhaul, both divisions are set to announce their executive committees imminently, said the sources, with two saying it could be as soon as this week.
The sources spoke on condition of anonymity because the details are not yet public. A Deutsche Bank spokesman declined to comment. Continued...