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Report: Deutsche Bank board to weigh contract renewal for i-bank boss in October

Deutsche Bank AG's board will discuss extending the contracts of investment banking head Garth Ritchie and several other senior executives at its October supervisory board meeting, the Financial Times reported Aug. 14, citing a spokesperson for the bank.

Ritchie's contract expires at year-end and has not yet been renewed, the FT cited German media as reporting. The spokesperson noted that all of Deutsche's management board contracts are on a fixed-term basis, and that Ritchie's and several other contracts expiring within the next year would be considered at the next regular board meeting.

Although the spokesperson did not confirm any other executives whose contracts are due for renewal consideration, those of asset management chief Nicolas Moreau and Asia-Pacific boss Werner Steinmüller run out during 2019, the FT noted.