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Deutsche Bank recalibrates investment banking teams

15 Juin 2017

Under the new regime, the CIB division will comprise six areas: corporate finance, global capital markets, global transaction banking, equities, fixed income and currencies, and the institutional client group.

The German lender will also revamp its corporate finance leadership along regional lines, according to an internal memo from CIB co-heads Garth Ritchie and Marcus Schenck.

Deutsche Bank is setting up a global capital markets unit within its corporate and investment bank to house both its equity capital markets and debt capital markets businesses as well its hedging services. That comes as the bank pivots away from hedge funds and other financial firms, pledging nearly two-thirds of the unit's balance sheet for corporations. In 2011, institutional clients accounted for about twice as much revenue as corporate customers.

Troy Gravitt, a spokesman for the firm, declined to comment.

The new unit will be led by co-heads Alexander von zur Muhlen and Mark Fedorcik, based in Frankfurt and NY, respectively.

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.

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Fedorcik and von zur Muehlen will report to Schenck and Ritchie, who were co-authors of the email. The bank will soon announce a new head for the division's corporate banking coverage operation for the Asia-Pacific region, according to the email. "If you are buying Deutsche you may expect that they are trying to at least maintain market share in the investment bank and this is something Schenck will be measured against".

Deutsche Bank has revealed plans for a major shake-up as it seeks to "reduce bureaucracy and complexity".

The institutional client group will be led globally by Kenan Altunis and Stefan Hoops, who keeps his role as head of equities, fixed income and currencies in Germany.

Schenck and Ritchie also discussed the recent decision to create a corporate and investment banking hub, known as CIB Central and headed by Christiana Riley and Lawrence Shaw.

In an email to employees on Wednesday, Deutsche Bank said it wanted to reduce bureaucracy and simplify the organization, which would in turn lead to substantial cost savings this year.

Deutsche Bank (DB) was the one of the most active movers on Germany's DAX performance index in the opening hour of trading in Frankfurt after a report from Bloomberg that it is planning to restructure its corporate and investment banking division.

Deutsche Bank recalibrates investment banking teams