Deutsche Bank's Equities Chief Expected to Leave Amid Planned Overhaul -- Update
June 25 2019 - 9:51AM
Dow Jones News
By Jenny Strasburg
Deutsche Bank AG's global head of equities is expected to leave,
the latest move in a planned downsizing of the German lender's
investment bank, according to people familiar with the matter.
Recently, Deutsche Bank executives had discussed a possible
senior role for Peter Selman in a planned noncore unit, also known
as a bad bank, expected to house long-dated derivatives and other
positions earmarked for sale or wind-down, some of the people said.
But they said Mr. Selman instead indicated in recent days that he
plans to leave.
Executives, faced with increasing pressure from investors, are
drafting plans for shrinking trading businesses and other portions
of the investment bank after years of revenue declines.
Deutsche Bank earlier this year contemplated a merger with
another bank, but didn't go forward with it, and has tried other
ways to shore up its profits. Its shares are hovering near all-time
lows, and high-profile departures are picking up.
Last week, two senior investment bankers in New York left
Deutsche Bank for Citigroup Inc., in the most prominent departures
for Deutsche Bank's U.S. operations this year, The Wall Street
Journal reported.
The timing of Mr. Selman's departure wasn't immediately clear.
People close to the matter said any planned exit could change
pending a final termination agreement. Mr. Selman didn't respond to
requests for comment.
He joined Deutsche Bank in late 2017 and has been based in New
York. He was previously a partner at Goldman Sachs Group Inc. where
he oversaw global equities trading and equity derivatives in London
and New York.
Deutsche Bank executives are planning an overhaul of the
investment bank to include closing large portions of its
money-losing equities business, according to people familiar with
the plans.
Chief Executive Christian Sewing told investors in May that he
is prepared to make "tough cutbacks" to the investment bank, which
has struggled to compete with stronger rivals in the U.S. and
Europe. He is expected to outline details of the cutbacks by late
July.
Write to Jenny Strasburg at jenny.strasburg@wsj.com
(END) Dow Jones Newswires
June 25, 2019 09:36 ET (13:36 GMT)
Copyright (c) 2019 Dow Jones & Company, Inc.
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