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- Banca IMI Securities to Pay $35Mn for Improper Handling of ADRs in Continuing SEC Crackdown
- Members of White House ‘Arts Panel’ Resign En Masse in Protest of Trump
- FINRA Whiffs on Disciplinary Sanction: Bill Singer's 'Negligent Market Manipulation in OTC Stock Promotion'
- Heather Heyer’s Mother Says, ‘I’m Not Talking to the President’
- Goldman Sachs May Have Lost $100Mn on Energy Bet Gone Wrong
- SEC Drops Case Against Ex-JPMorgan Traders Over 'London Whale'
- Financial Advisers That Invest in Technology Need to Accomplish These Two Things
- FINRA Amends Codes Regarding Expedited Arbitrator List Selection
- FINRA July 2017 Quarterly Disciplinary Review (Podcast)
- Senior Exec in Citigroup's Equities Unit Has Left
- Prudential Plotting its Escape From Fed's Tough Oversight
- Why CEOs Spurned Trump's Business Councils, in Their Own Words
- A Stockbroker, Her LLC, and Her Customers' Loans (Or Investment?) - Bill Singer
- Brian Quintenz Sworn In as CFTC Commissioner
- A Gary Cohn Resignation Would 'Crash the Markets' – Mgmt Guru Jeffrey Sonnenfeld
- Trading Firm DRW to Buy RGM Advisors - As Low Volatility Forces Out Weak HFT Players (subsc reqd)
- Reputational Damage - Rajat Gupta on Hard Road to Recovery
- 7th Circuit Affirms Spoofing Conviction - Bill Singer
- Wells Fargo Announces Board Changes
- Judge Rules Against Ex-Goldman Employee in Fed Leak Case
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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.