Deutsche Bank’s Investment Banking Chief to Leave Embattled Lender
Garth Ritchie has come under fire from investors for his unit’s dismal performance since he became the highest-paid senior executive at the bank
Deutsche Bank AG’s investment banking chief Garth Ritchie has agreed to leave the embattled German lender, according to a person familiar with the matter.
Mr. Ritchie and the bank have reached an agreement that will see him leave the bank’s management board at the end of July. He’s expected to stay at the bank through a transition period ending in November.
Mr. Ritchie has come under fire from investors for his unit’s dismal performance since he became the highest-paid senior executive at the bank last year.
Discussions over Mr. Ritchie’s position have been ongoing for some months as the lender continues to battle uncertainty over its future strategy, a sinking share price, regulatory interventions. The lender relies heavily on its investment bank for its revenues, but several of the units’ divisions have been struggling to cover their costs.