Deutsche Bank’s world funding banking protection and advisory chief Drew Goldman will step down and get replaced by regional heads, based on 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, based on the memo written by the co-head of the funding banking unit, Mark Fedorcik.
Goldman will be part of Abu Dhabi’s sovereign wealth fund on October 3 as world head of actual property investments, based on a press release from the Abu Dhabi Investment Authority.
Global co-head of mergers & acquisitions (M&A) Bruce Evans will now oversee funding banking protection and advisory for the Americas at Deutsche Bank. Evans, a 15-year veteran at Deutsche, was elevated to co-head of M&A final yr.
Henrik Johnsson and Berthold Fuerst are answerable 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 Bank spokesperson.
The management reorganization comes amid a decline in world dealmaking volumes, which have been hit laborious 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 function since 2019 and beforehand helped construct Deutsche Bank’s world actual property, gaming, lodging and leisure funding banking companies. He suggested on a number of notable transactions, together with Marriott International Inc’s buyout of Starwood Hotels and Resorts Worldwide Inc in 2016.
Before becoming a member of Deutsche Bank in its actual property funding banking unit in 1999, Goldman held roles at luxurious resort supervisor Kerzner International, BNP Paribas, and Bear Stearns & Co.