Group Co.
Ritchie Out at Deutsche Bank, Sewing to Step In
Traders Magazine Online News, July 5, 2019
Garth Ritchie, President of Deutsche Bank (XETRA: DBKGn.DB / NYSE: DB) and Head of the Corporate & Investment Bank, is leaving the bank by mutual agreement.
Ritchie joined Deutsche Bank in 1996 as an associate in the bank’s Johannesburg office, and went on to hold senior management positions across the investment bank.
He became a member of the Global Markets Executive Committee in 2009 as Head of Equities and held a range of leadership positions across the division. In January 2016, he was appointed to the Management Board with responsibility for the bank’s Markets division. In 2017 he became Co-Head of the newly created Corporate & Investment Bank (CIB). One year later he became its sole Head and was appointed as President.
Paul Achleitner, Chairman of Deutsche Bank’s Supervisory Board, said: “We thank Garth Ritchie for his dedication and the remarkable contribution he has made to the bank over his long career. He helped Deutsche Bank to weather an extremely challenging period and we wish him all the best for the future.”
Chief Executive Officer Christian Sewing added: “Garth Ritchie has been a life-long employee of Deutsche Bank: highly engaged and committed and loyal to the firm. I would like to thank him personally for his excellent cooperation and partnership through his career and over the past 15 months as my deputy.”
Garth Ritchie said: “It is now almost twenty three years to the day since I first joined Deutsche Bank as an associate. The bank is a remarkable institution and it has been a privilege to work here. I look back on my career with pride. I took over the leadership of the investment bank at a very challenging time, and over the past three years we have made significant progress to improve and stabilise its financial metrics. I believe the bank is now ready for further transformation, and it is the right time for new leadership to take the division forward.”
Ritchie will be stepping down as Head of CIB and as a member of the Management Board on July 31. To ensure a smooth transition of time critical UK regulatory matters including Brexit-related issues he will continue to advise the bank until end of November 2019.
Sewing will assume responsibility for the Corporate & Investment Bank on the Management Board. Further announcements for the divisional leadership team will follow in due course.
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