Deutsche Bank (NYSE:DB)
Historical Stock Chart
1 Month : From Jun 2019 to Jul 2019
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 email@example.com
(END) Dow Jones Newswires
June 25, 2019 09:36 ET (13:36 GMT)
Copyright (c) 2019 Dow Jones & Company, Inc.