Garth Ritchie quits Deutsche as investment banking chief

Troubled bank plans to radically shrink investment banking operation

Deutsche Bank invetsment banking chief is leaving the group. Photograph: Mauritz Antin

Deutsche Bank invetsment banking chief is leaving the group. Photograph: Mauritz Antin

 

Deutsche Bank’s investment banking chief Garth Ritchie is leaving the bank as it plans to shrink the division radically after five years of decline and a collapse in the German lender’s share price.

On Friday, Deutsche Bank said Mr Ritchie was leaving by mutual consent after more than 20 years, with chief executive Christian Sewing to take responsibility for the division.

The Financial Times reported in May that Mr Ritchie could quit the lender because of disagreement over cuts to the investment bank and a lack of support from shareholders.

The restructuring plan, which will be put to the bank’s supervisory board on Sunday, will lead to as many as 20,000 job cuts and more than €50 billion of unwanted assets hived off into a bad bank.

Paul Achleitner, chairman of Deutsche Bank’s supervisory board, said Mr Ritchie helped the bank “to weather an extremely challenging period and we wish him all the best for the future”. – Copyright The Financial Times Limited 2019