AG announced this morning that as of July 1st , the corporate and investment banking division of will consist of six areas including:
- including Corporate Banking Coverage
-Fixed Income & Currencies
-Institutional Client Group
Marcus Schenck and Garth Ritchie, current co-heads of IB at DB, were tasked by CEO John Cryan to lead the reorganization efforts. Schenck will focus on client relationships while Ritchie will deal with market products.m
Thewill be led by Alexander von zur Muehlen and Mark Fedorcik, with Muehlen stationed in Frankfort and Fedorcik in New York. According to Matt Scully and Jan-Henrik Foerster of Bloomberg "The new division will work in partnership with the bank's and institutional client group and will operate financially as a joint venture between its , equities, and fixed income and currencies units, according to the email."
In an email to employees on Wednesday, DB said it "wanted to reduce bureaucracy and simplify the organization". This comes as part of an internal effort towards the goal of cutting costs by 700 million euros by 2018.
Cryan has said in the past that the bank was too complex and inefficient. The restructuring seems like an effort to combat the recent loss of market share coupled with the internal goal of cutting costs as mentioned above.