Deutsche plans reshuffle in investment banking
DEUTSCHE Bank is shaking up its top management to give investment banking and emerging markets more prominence, and will oust risk officer Hugo Baenziger, two sources familiar with the matter said yesterday.
It will elevate US banker William Broeksmit, currently head of risk at the corporate and investment bank, to its seven-member management board as group risk chief, the sources said.
The move also foresees the appointment of Canadian trader Colin Fan, and Australian Robert Rankin as co-chief executives of the investment bank, the source said.
Fan is head of credit and emerging markets, while Rankin, who heads the bank’s Asia Pacific operations, helped the bank secure roles on the AIA and Agricultural Bank of China initial public offerings.