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7/5, 3:24 PM (Source: TeleTrader)
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Head of Deutsche Bank's investment division steps down

President of Deutsche Bank AG and investment banking head Garth Ritchie is stepping down and will leave the company, the bank stated on Friday.

Ritchie will be stepping down from all positions on July 31 but will continue to advise the bank until the end of November 2019, in order to ensure a smooth transition during a critical time for the United Kingdom regulatory matters, including Brexit-related issues. Deutsche Bank's CEO Christian Sewing will assume responsibility for the Corporate and Investment Bank on the Management Board for the time being.

Media earlier reported that Sewing pushes for reduction and overhaul of the investment banking unit.

Breaking the News / MA