Deutsche Bank's investment banking director, Garth Ritchie, leaves Germany's first private commercial bank at the end of July.
Deutsche Bank reported Friday that the president, Christian Sewing, will assume responsibility for the investment banking division and for companies.
Ritchie started working at Deutsche Bank in 1996 as an associate in the Johannesburg office, later holding senior management positions in investment banking at Deutsche Bank, which is now undergoing a transformation process.
In 2009 he became a member of the executive committee of global markets, as director of the stock business, and in January 2016 he was appointed member of the board of directors responsible for the market division.
Ritchie spent in 2017 to be co-director of the investment and business banking division and a year later he directed it alone.
The chairman of Deutsche Bank's supervisory board, Paul Achleitner, thanked Ritchie for "his dedication and remarkable contribution he has made to the bank throughout his long career" and at a very difficult time.
Sewing also thanked Ritchie for his loyalty to Deutsche Bank and especially for the past 15 months as his replacement.
Ritchie stressed that he assumed "the leadership of investment banking at a challenging time and that in the last three years they have made significant progress to improve and stabilize their financial figures."
"I think the bank is now ready for a major transformation and it is the right time for a new direction to advance the investment banking division," added Ritchie, who has sometimes been held responsible for the problems that Deutsche Bank now suffers.
Ritchie will continue to advise Deutsche Bank until November 2019 to ensure a smooth transition at a time of critical regulatory issues in the UK, including those related to the "brexit".
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