Deutsche Bank's Investment Banking Coverage Chief to Step down

Deutsche Bank's global investment banking coverage and advisory chief Drew Goldman will step down and be replaced by regional heads, according to a memo by the co-head of the investment banking unit, Mark Fedorcik.

Goldman, who has held numerous leadership roles during his 22-year tenure at the German lender, wants to pursue opportunities outside investment banking, according to the memo.

Global co-head of mergers & acquisitions (M&A) Bruce Evans will now oversee investment banking coverage and advisory for the Americas at Deutsche Bank. Evans, a 15-year veteran at Deutsche, was elevated to co-head of M&A last year.

Henrik Johnsson and Berthold Fuerst are responsible for running investment banking coverage and advisory in Europe, while Mayooran Elalingam leads the franchise in Asia.

The contents of the memo were confirmed by a Deutsche Bank spokesperson.

The leadership reorganization comes amid a decline in global dealmaking volumes, which have been hit hard by broader market volatility. In its most recent quarter, Deutsche - like its U.S. competitors - was hurt by a slowdown in dealmaking amid rising interest rates and uncertainty fueled by Russia's invasion of Ukraine.

Goldman has been in his current role since 2019 and previously helped build Deutsche Bank's global real estate, gaming, lodging and leisure investment banking businesses. He advised on several notable transactions, including Marriott International Inc's buyout of Starwood Hotels and Resorts Worldwide Inc in 2016.

Before joining Deutsche in its real estate investment banking unit in 1999, Goldman held roles at luxury hotel manager Kerzner International, BNP Paribas, and Bear Stearns & Co.

Source: CoinDesk