Financial Academy

Deutsche Bank’s supervisory board will discuss extending the contracts of its investment bank boss Garth Richie and a small number of other senior executives at its October meeting, a spokesperson told the Financial Times.

German media reported earlier that Mr Ritchie’s contract, which is due to expire at the end of the year, had not yet been renewed. Mr Ritchie considered his future at the bank earlier this year, around the same time as chief executive John Cryan stepped down, but the South African was ultimately promoted to sole head of the investment bank.

“All our management board contracts are fixed term,” a Deutsche Bank spokesperson told the FT. “Several will come to an end within the next year. These contracts are due for renewal, and will be on the agenda at the next regular supervisory board meeting in October”.

The spokesperson would not confirm the identity of the other executives whose contracts are also up for renewal this year. Deutsche’s corporate governance disclosures show that Mr Ritchie is the only management board member whose contract expires in the 2018 calendar year.

The contracts of asset management head Nicolas Moreau and Asia-Pacific head Werner Steinmüller are both up in 2019.

The investment bank has been at the heart of restructuring and cost cutting initiatives instigated by new group chief executive Christian Sewing. Announcing its second-quarter results last month, Mr Sewing said the investment bank had “stabilised” its market share and was seeing “improvements in terms of revenue growth in some areas”.