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’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.
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