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Stories of Interest
- North Korean caught secretly mining bitcoin rival
- IPO Timelines Cut by 80% After SEC's Private Filing Decision
- How the Carried Interest Break Survived the Tax Bill
- FINRA: The Neutral Corner
- Coinbasex Says Buying and Selling Temporarily Disabled Amid Price Rout
- Bitcoin plunges by more than a third in a single day
- Goldman Is Setting Up a Cryptocurrency Trading Desk
- Jefferies Lets Employees Choose When to Receive Their Bonuses
- UBS Told to Pay $903K After Losing Retaliation Verdict
- BEWARE: Long Island Iced Tea Shares Soar After Changing Name to Long Blockchain
- Gary Cohn’s Last Laugh: Cashing Out on Trump’s Tax Plan
- E*Trade Lets Customers Trade in CBOE Bitcoin Futures
- Swiss Find Serious Shortcomings at JPMorgan in 1MDB Case
- Washington-based Investment Adviser and His Business Partner Charged in Multi-Million Dollar Scheme
- FINRA Board of Governors Meeting
- Cryptocurrency Market Now Doing Same Daily Volume as the NYSE
- Jailed Barclays Trader Must Pay $400,000 From Libor Profits
- Trump Asks ‘How’s Your 401(k)?’ But Most Voters Don’t Have One
- A Bitcoin Hedge Fund’s Return: 25,004% (That Wasn’t a Typo)
- Madoff Victims Near Full Recovery of Principal With Payout
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NEWSLETTERS & ALERTS
Deutsche Bank Reorg Plan to Profitability
[Photo: Garth Ritchie and Dr. Marcus Schenck / DB Management Profiles]
Deutsche Bank has reorganized its investment bank in an effort to achieve greater efficiency and cost savings. What will change, beginning July 1?
- The markets, corporate finance and global transaction banking divisions will be combined into a single corporate and investment bank (CIB) - to reduce bureaucracy and simplify the organization.
- Marcus Schenck and Garth Ritchie will co-head the CIB.
- Marcus Schenck would concentrate on clients, overseeing corporate finance, global capital markets, and the bank's institutional client group.
- Garth Ritchie will focus on products and processes, supervising equities, fixed income and currencies, global transaction banking, electronic trading, listed derivatives and clearing, research and the division's technology and operations.
- Alexander von zur Muehlen and Mark Fedorcik will jointly head the new global capital markets division - from Frankfurt and New York, respectively.
DR. MARCUS SCHENCK PROFILE. Schenck is DB's Chief Financial Officer. In January 2015, Mr. Schenck joined Deutsche Bank from Goldman Sachs International, where he was Partner and Head of Investment Banking Services for Europe, Middle East & Africa (EMEA). He also was a member of the Operating Committee of the Investment Banking Division of Goldman Sachs. From 2006 to 2013, Dr. Schenck was CFO and a member of the Management Board of German energy supplier E.ON. From 1997 to 2006, he held a number of senior positions at Goldman Sachs in Frankfurt. Prior to that, he was a consultant at McKinsey & Company.
GARTH RITCHIE PROFILE. Ritchie is DB's Head of Corporate & Investment Bank. He joined Deutsche Bank in 1996 and had been Head of Equities in the Corporate Banking & Securities business division since 2010. He held positions in trading and derivatives for over 2 decades.