Deutsche Bank (NYSE:DB)
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1 Month : From Aug 2018 to Sep 2018
By Jenny Strasburg
Deutsche Bank AG renewed the contract of the head of its investment bank, Garth Ritchie, during a supervisory-board meeting Friday, according to a person familiar with the matter.
Mr. Ritchie was named sole head of the investment bank earlier this year, after serving as head of global markets and co-head of investment banking.
The Wall Street Journal reported in April that Mr. Ritchie had discussions with Deutsche Bank's chairman and others about potentially leaving the bank as soon as this year. Days later, he was named sole investment-banking chief in an overhaul that included the naming of a new chief executive, Christian Sewing.
Mr. Ritchie's current management-board term expires at the end of this year. The supervisory board renewed his contract for five years in a unanimous vote at a meeting in Hamburg on Friday, the person said.
Mr. Ritchie has worked at Deutsche Bank since 1996 and has served on the management board since January 2016.
Deutsche Bank's supervisory board, which hires, fires and oversees the lender's top executives, is meeting into the weekend for an annual session to discuss corporate strategy, structure, performance and management. The bank's top executives will also present business assessments and answer questions.
Persistent management uncertainty and defections have complicated a troubled turnaround at Germany's biggest lender, which faces speculation about whether it might merge with rival Commerzbank AG. Representatives of the banks haven't directly commented on the speculation; people close to the lenders and government officials in recent months have considered such a merger possible, though not imminent.
Mr. Ritchie, a South African longtime equities-trading executive, oversees Deutsche Bank's biggest division by revenue and, historically, its profit engine. But the investment bank has struggled to maintain market share in a range of trading and advisory businesses. The consistent stream of banker, trader and senior-management departures has further fueled investor concern about future profits.
Mr. Ritchie is one of nine management-board members, down from 12 before the CEO change earlier this year. He's one of two presidents directly under the CEO; the other is Karl von Rohr, the bank's chief administrative officer.
Write to Jenny Strasburg at email@example.com
(END) Dow Jones Newswires
September 14, 2018 09:42 ET (13:42 GMT)
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