Deutsche Bank names new bosses

Deutsche Bank has set up two management committees to run its Corporate and Investment Banking and Global Markets divisions, part of a shake-up of Germany's largest bank aimed at improving profitability.

The bank is restructuring under new boss John Cryan to cope with regulatory changes and litigation costs that have made it difficult for the group to compete with its rivals.

Germany's flagship lender made a record pretax loss of euro 6 billion ($6.81 billion) in the third quarter and warned of a possible dividend cut.

The bank, which has a big presence on Wall Street, is splitting its investment bank in two after mounting shareholder pressure for reform.

The new structure comprises a business focused on corporate and investment banking (CIB), such as advising on M&A, run by Jeff Urwin, and another division, Global Markets, focused on sales and trading run by Garth Ritchie.

The bank on Thursday gave details internally of the two management committees that will run these two divisions plus other appointments, a Deutsche Bank spokesperson said.

The new executive committee for the CIB division is made up of 14 members in total, including two women, representing various products and regions from both the investment banking and transaction banking businesses.

Former Goldman Sachs banker Alasdair Warren will join the bank in spring 2016 as new head of the CIB division in Europe, Middle East and Africa, as previously reported by Reuters.

James McMurdo, currently CEO of the bank's business in Australia and New Zealand, will become head of CIB in Asia/Pacific. Paul Stefanick will head up CIB Americas alongside John Eydenberg who becomes vice chair of CIB in that region.

Mark Fedorcik, head of leverage finance and co-head of corporate finance for the Americas becomes head of debt capital markets and Mark Hantho will oversee equity capital markets.