As per the recent announcement made by Frankfurt-headquartered multinational banking service provider Deutsche Bank, Garth Ritchie who has been with the firm for more two decades is resigning from the bank. Garth Ritchie has been with the firm for 23 years and is the highest paid executive at the firm as of 2018.
As per Bloomberg’s executive profile and biography, Garth Ritchie receives a total annual compensation of 7,464,038 GBP which is made of Three Million Pounds in Salary and more than four Million pounds in stock options. At time of his resignation, as per Bloomberg profile data, Garth Ritchie holds multiple roles at the banking giant – Deputy CEO, President and Head of Corporate & Investment Bank and is also a member of the management board at the firm. As per his profile data, he joined the German bank back in 1996 and has held various positions in trading and derivative departments at the bank.
He became a part of the higher echelon of the banking giant when he was promoted to the role of Co-Head of Equities in Corporate Banking & Securities Business Division back in 2009. He has since been promoted to several high-level roles over the course of next decade. He became the sole/main head of the equities at the above-mentioned division back in 2010 and became the Head of Corporate Banking & Securities Business Division since 2018. However, he became a member of the management board of the bank back in January 2016. Before joining the German banking giant in 1996, he worked at Fergusson Brothers and First National bank of South Africa. The 51-year-old banker will resign from the firm at the end of this month as per the announcement made by the bank. Ritchie’s departure from the banking group has been speculated and talked about for a while now in banking and financial industry owing to disappointing results of the unit under his care.
Speaking on Ritchie’s decision to step down from his roles at the firm, Christian Sewing commented, “Garth Ritchie has been a life-long employee of Deutsche Bank: highly engaged and committed and loyal to the firm. I would like to thank him personally for his excellent cooperation and partnership through his career and over the past 15 months as my deputy”. This started when shareholders began a large protest and vote to oust him during the annual meeting in which he managed to win 61% of the shareholder vote to renew his term. However, he came close to resigning from the firm yet again last year over disagreements with CEO Christian Sewing over job cuts which were described by the bank as tough cutbacks. It is speculated that his resignation from the firm still has a connection to CEO Christian’s five-year restructuring plan for the banking giant.
While he will resign from the board and his role as Head of investment banking and from his position at the board this month, he is expected to still remain at the firm till November this year in an advisory capacity.
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