Germany's struggling lender Deutsche Bank said Friday the chief of its investment banking division was leaving the institution "by mutual agreement" ahead of a vast restructuring exercise.
Garth Ritchie, 51, was named in 2017 as co-head of Deutsche's then newly created Corporate & Investment Bank, and became its sole chief a year later. He picked up a Brexit windfall in 2018, receiving a three-million-euro per year "functional allowance" for "additional responsibility in connection with the implications of Brexit" - effectively doubling his annual pay.
Deutsche Bank chief executive Christian Sewing would pick up responsibility for the division following Ritchie's departure on July 31.
A major cost-cutting plan is to be put to the bank's board on Sunday, with media reports suggesting that up to 20,000 jobs could go out of the total of 91,500 posts the bank reported in March.
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