Deutsche Bank’s global head of investment banking hedging and advisory is leaving the German lender after more than 23 years and will be replaced by regional heads.
New York-based Drew Goldman is stepping down to take a job outside banking, its head of investment banking Mark Fedorcik said in a note.
Goldman will join the Abu Dhabi Investment Authority’s sovereign wealth fund as global head of real estate, Deutsche said in a later statement. He will join on October 3.
Goldman has worked at the German lender for almost 24 years, joining from hospitality firm Kerzner International in 1999, where he worked in corporate finance. He was promoted to his latest role in 2019 as part of a wider overhaul of Deutsche’s investment bank as it unveiled a sweeping overhaul of its business that will cut 18,000 jobs.
Prior to this role, Goldman was in global real estate investment banking, gaming, hospitality and leisure businesses.
He will be replaced in the Americas by Bruce Evans, while Henrik Johnsson and Berthold Fuerst will continue to lead the business in Europe.
His departure comes as investment banks face a slump in trading fees that has many speculating about widespread cuts across the industry. Deutsche Bank earned $851 million in fees in the first half of this year, according to data provider Dealogic, a 46 percent drop, in line with most peers.
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Evans was elevated to co-head of M&A in August last year along with Fuerst. He is a 15-year veteran of the German lender.
“Bruce and Drew have been working together for many years, sharing the same passion, drive and focus for our business,” Fedorcik said in a statement announcing the appointment.
Goldman’s departure was previously reported by Reuters.
This article has been updated to reflect the announcement of Goldman’s new role following his departure
To contact the author of this story with comments or news, please email Paul Clarke
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