September 14, 2018 / 12:31 PM / 12 days ago

Deutsche Bank extends contract investment bank head Ritchie

FRANKFURT (Reuters) - Deutsche Bank (DBKGn.DE) has extended the contract of its head of investment banking, Garth Ritchie, for five years, a spokeswoman confirmed on Friday, as the unit trims its overseas footprint.

FILE PHOTO: A man walks past Deutsche Bank offices in London, Britain, December 5, 2013. REUTERS/Luke MacGregor/File Photo

There had been uncertainty whether Ritchie, who is also the bank’s co-deputy chief executive, would continue at the bank following management upheaval earlier this year.

The contract extension was agreed by the bank’s supervisory board at a meeting in Hamburg, the spokeswoman said.

The bank’s management and supervisory boards are meeting for an annual strategy review on Friday and Saturday. It is the first such meeting under the bank’s new CEO Christian Sewing.

Deutsche Bank is in the process of paring down its underperforming investment bank to focus on retail banking and asset management, which are seen as more stable revenue streams.

Reporting by Tom Sims and Andreas Framke; Editing by Maria Sheahan

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