Deutsche Bank AG’s global head of equities Peter Selman will likely step down from his role as the lender plans to implement deep cuts to his unit, according to a person briefed on the matter.
Chief Executive Officer Christian Sewing is finalizing a new turnaround plan that’s zeroing in on reductions in equities trading and even potential closures to parts of the unit, people familiar have said. Selman, who was hired out of retirement by Sewing’s predecessor John Cryan, is expected to leave in connection with the overhaul, the person said, asking not to be identified discussing confidential information.
