Deutsche Bank puts in place new management team for investment bank
Deutsche Bank announced a new slate of top jobs this morning, naming a string of appointments to its corporate and investment bank (CIB) as part of the bank's strategic overhaul, first announced last month.
The bank's new co-chief executive John Cryan said last month that he was dividing Deutsche's investment bank into two parts, with one focused on trading and the other looking at corporate finance and transaction banking.
The split is one part of a much wider revamp, which will see the bank cut as 35,000 jobs over the next two years, close its operations in 10 countries and reduce the number of its investment banking clients.
In an internal memo sent to employees today, the bank confirmed a long list of names for high-profile positions in the new CIB division, reporting into Jeff Urwin, a former JPMorgan Chase executive who joined Deutsche last year.
Deutsche confirmed that Alasdair Warren, currently the global co-head of the financial sponsors group at Goldman Sachs, will join the bank next spring as head of CIB in Europe, the Middle East and Africa.
The memo also said that James McMurdo, currently chief exec of the bank's business in Australia and New Zealand, will become head of CIB in Asia/Pacific, while Paul Stefanick will take over as head of CIB Americas.