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- SEC Charges Additional Defendant in Fraudulent ICO Scheme
- Warren Buffett Simply Blew it on Wells Fargo Stock: Dick Bove (Video)
- Barclays and Deutsche Bank to Lag U.S. Trading Peers
- NY AG Schneiderman Seeks to Close Loophole That Could Let Trump Pardons Block State Charges
- 'Fearless Girl' is Moving to NYSE After Year Staring Down 'Charging Bull'
- What's In Your Wallet - American Express Shares Soar After Earnings Release
- Deutsche Bank's Executive Departures Continue Following Change in CEO
- Reflections of an Economist Commissioner (SEC's Piwowar)
- Billionaire HF Manager and The Fed Chair Runner-Up are Investing in New Cryptocurrency
- Court Finds 2 Brokers Liable for Fraud Involving Mortgage-Backed Securities
- One FINRA: An Organization’s Commitment to Diversity and Inclusion
- 2018 GASB Accounting Support Fee to Fund the Governmental Accounting Standards Board
- Barclays Eyes Move Into Cryptocurrency Trading
- Goldman Breaks From Wall Street Pack with Bond-Trading Boom
- Janney Montgomery Scott CEO Joins FINRA Board of Governors
- SEC Encourages Investors to Do Background Checks on Investor.gov
- The Martin Act: Wall Street Titan Takes Aim at Law That Tripped Him Up
- Bank of America’s Cost-Cutting Drive Pushes Profit to Record
- Larry Fink: Wall Street’s $6 Trillion Man Finally Worth $1Bn
- Activist Investor Wants Barclays Investment Banking Overhaul (Video)
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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.