Deutsche Bank has outlined the separate roles for the co-heads of its restructured investment banking unit, according to a memo confirmed by the bank’s spokesperson.
Garth Ritchie will have primary oversight of the bank’s equities, fixed income and currencies, global transaction banking, electronic trading, listed derivatives and clearing, research, and CIB technology and operations businesses.
Meanwhile Marcus Schenck will oversee corporate finance, global capital markets and the institutional client group.
Deutsche Bank has also created a separate global capital markets unit (GCM), which will combine the equity, debt and leverage debt capital markets franchises, as well as the financing and solutions group.
The memo said the bank wanted to “reduce bureaucracy and complexity, which will achieve substantial cost savings in 2017.”
Earlier this year, Deutsche Bank laid out its plans to construct a new corporate and investment banking unit by combining the corporate finance, global markets and global transaction banking businesses under one roof.
Separately Sabrina Wilson, Deutsche Bank’s European head of listed derivatives, has left The TRADE understands.
Wilson headed up the business from December last year following the departure of Jason Vitale, Deutsche Bank’s then co-head of listed derivatives and markets clearing for Europe.
A spokesperson declined to comment on Wilson’s exit.