Deutsche Bank’s capital markets and treasury solutions division (CMTS) is to be dismantled as the restructuring of the German lender gets under way, according to sources.
CMTS is an institutional client-servicing group that covers corporates, financial institutions, and the public sector.
The group, which has been run by Miles Millard since 2010, structures and underwrites primary equities, bonds and syndicated loans, while providing “risk management and treasury solutions”.
Deutsche’s chief executive John Cryan unveiled the bank’s new strategy in October that will see the investment bank split in two, raising questions at to whether CMTS would continue to exist.
The new, simpler model Cryan unveiled consists of corporate and investment banking (CIB) on one side (including advisory, corporate banking and transaction banking), and global markets (including the sales and trading operations) on the other.
According to sources, Jeff Urwin, who is running the new CIB division is setting up an executive committee made up of seven members.
Two of the members are product specialists for debt and equity. Mark Fedorcik, head of leverage finance and co-head of corporate finance for the Americas, will be the debt specialist, while Mark Hantho, global head of equity capital markets, will represent the equities business.
The other five members will be the CIB heads of Deutsche Bank’s global regions, including Alasdair Warren, who is to join the bank from Goldman Sachs as head of EMEA.
The other four regions are the Americas, Asia Pacific, Germany and UK.
Questions remain about the broader impact of the disbanding of CMTS with speculation that dozens of Deutsche bankers could be left scrambling for their jobs.
“It’s like a hornet’s nest,” said one insider.
Senior bankers are already departing. Last week IFR reported that Martin Hibbert, head of debt capital markets origination for Central and Eastern Europe, Middle East and Africa, is leaving the bank.
Deutsche Bank declined to comment.
