Deutsche Bank's Fan Said to Step Down as Securities Co-Headby and
Equities chief Garth Ritchie said to be set for promotion
Colin Fan has been serving as co-head with Jeff Urwin
Colin Fan, the London-based co-head of Deutsche Bank AG’s investment bank, will be stepping down from that role and Garth Ritchie, the bank’s equities chief, may be promoted, according to a person with knowledge of the plans.
Fan, 42, and Ritchie, 47, didn’t immediately respond to messages seeking comment. Klaus Winkler, a spokesman for Frankfurt-based Deutsche Bank, didn’t immediately reply to calls seeking comment. The Wall Street Journal reported earlier on Sunday that Fan will step down and Ritchie is in talks about a promotion.
Deutsche Bank’s co-Chief Executive Officer John Cryan, 54, who took over from Anshu Jain in July, is under pressure to boost earnings at Germany’s largest bank, hurt by surging litigation costs and tougher regulatory requirements. The former UBS Group AG executive, who is scheduled to present a strategy update to investors later this month, is looking at abolishing the 19-member group executive committee as part of a wider management overhaul, a person familiar has said.
Ritchie has been with Deutsche Bank since 1996, according to his LinkedIn profile. He was named co-head of the equities business in late 2008 as the global financial crisis forced governments around the globe to bail out lenders and credit markets froze. The company’s revenue from trading stocks and related securities rose 7.1 percent to 2.9 billion euros ($3.3 billion) last year from its level in 2009, its filings show. Revenue from trading fixed income and currencies slumped 30 percent to 6.84 billion euros over that period, according to the filings.
Fan was appointed co-head of the investment bank in mid-2012 by Jain, who had led the business up until then. He had previously served as co-head of credit trading together with Boaz Weinstein. Before taking on that role, he worked as head of the bank’s Asian equities business in Hong Kong and in New York as global head of derivatives trading and co-head of the structured credit trading business.
Deutsche Bank hired Jeff Urwin from JPMorgan Chase & Co. earlier this year to serve as co-head of the investment bank, overseeing advice on mergers and underwriting while Fan led the trading division.