Exclusive-Deutsche Bank's investment banking coverage chief to depart

By Anirban Sen

NEWYORK -Deutsche Financial institution’s world funding banking protection and advisory chief Drew Goldman will step down and get replaced by regional heads, in response to a memo seen by Reuters on Monday.

Goldman, who has held quite a few management roles throughout his 22-year tenure on the German lender, needs to pursue alternatives outdoors funding banking, in response to the memo written by the co-head of the funding banking unit, Mark Fedorcik.

Goldman will be a part of Abu Dhabi’s sovereign wealth fund on October 3 as world head of actual property investments, in response to an announcement from the Abu Dhabi Funding Authority.

World co-head of mergers & acquisitions (M&A) Bruce Evans will now oversee funding banking protection and advisory for the Americas at Deutsche Financial institution. Evans, a 15-year veteran at Deutsche, was elevated to co-head of M&A final yr.

Henrik Johnsson and Berthold Fuerst are accountable for operating funding banking protection and advisory in Europe, whereas Mayooran Elalingam leads the franchise in Asia.

The contents of the memo had been confirmed by a Deutsche Financial institution spokesperson.

The management reorganization comes amid a decline in world dealmaking volumes, which have been hit exhausting by broader market volatility. In its most up-to-date quarter, Deutsche – like its U.S. rivals – was damage by a slowdown in dealmaking amid rising rates of interest and uncertainty fueled by Russia’s invasion of Ukraine.

Goldman has been in his present position since 2019 and beforehand helped construct Deutsche Financial institution’s world actual property, gaming, lodging and leisure funding banking companies. He suggested on a number of notable transactions, together with Marriott Worldwide Inc’s buyout of Starwood Accommodations and Resorts Worldwide Inc in 2016.

Earlier than becoming a member of Deutsche Financial institution in its actual property funding banking unit in 1999, Goldman held roles at luxurious lodge supervisor Kerzner Worldwide, BNP Paribas, and Bear Stearns & Co.