By Jenny Strasburg
Deutsche Bank AG renewed the contract of the head of its investment bank, Garth Ritchie, during a supervisory-board meeting Friday in Hamburg, according to a person familiar with the matter.
Mr. Ritchie was named sole head of the investment bank earlier this year, after serving as head of global markets and co-head of investment banking.
The Wall Street Journal reported in April that Mr. Ritchie had discussions with Deutsche Bank's chairman and others about potentially leaving the bank as soon as this year. Days later, he was named sole investment-banking chief in an overhaul that included the naming of a new chief executive, Christian Sewing. The supervisory board renewed his contract for five years in a unanimous vote Friday, the person said.
His current management-board term expires at the end of this year. Mr. Ritchie has worked at Deutsche Bank since 1996 and has served on the management board since January 2016.
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(END) Dow Jones Newswires
September 14, 2018 08:19 ET (12:19 GMT)
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