We want to write about other banks, but Deutsche is not making it easy.
While traders on Wall Street fear for their livelihoods and their colleagues in London revolt lazily against cringeworthy British management decisions, the entirety of Deutsche Bank fumes over bonuses dealt away in exchange for absolution of decade-old sins, some senior people on Team Cryan are reportedly looking to get out while the getting is terrible.
Deutsche Bank AG’s investment-banking chief, Jeffrey Urwin, is in discussions to leave the role, and the lender has been in talks to move its finance chief, Marcus Schenck, to oversee the business, according to people familiar with the matter.
The timing of any potential moves isn’t clear. If they occur, the changes would mark the second major shakeup in the bank’s most senior management ranks since John Cryan became chief executive in 2015. A Deutsche Bank spokesman declined to comment.
Urwin has become something of a topic in our comments lately and his departure seems to have been some time in the offing. Alongside rumors that Urwin has previously leveraged threats of his departure for more money (see: our comments) the fact that Schenck is ready to step in speaks to a more concrete and in-motion succession plan (see: assumptions based on evidence).
And Schenck seems like as good a choice as any to run whatever is left of Deutsche's I-Banking division, what with his proven track record of trying to curb John Cryan's costly grape juice habit. Maybe Marcus can bring his no-nonsense approach to the London trading floor and get those petulant slackers back in gear.