Deutsche Bank's Global Co-Head of Institutional Clients Leaves

(Bloomberg) -- Deutsche Bank AG lost another senior member of staff as Kenan Altunis, the global-co head of the institutional client group, departed to pursue other opportunities.

His exit comes after he lost his seat on the investment bank’s executive committee in May amid a restructuring under Garth Ritchie, the head of the investment bank, cutting the number of senior executives. Altunis’s former co-head of the institutional clients group, Stefan Hoops, remained, according to a memo sent by Ritchie last month.

Altunis joined the German lender as a graduate and held a number of roles within the institutional client group, including global head of foreign-exchange sales, according to an internal memo seen by Bloomberg News on Monday.

Deutsche Bank has struggled to maintain the confidence of investors amid a tumultuous management reshuffle and a plan to significantly reduce its global footprint and workforce under new Chief Executive Officer Christian Sewing. S&P Global Ratings recently cut the bank to the third-lowest investment grade.

To contact the reporters on this story: William Canny in London at wcanny3@bloomberg.net;Steven Arons in Frankfurt at sarons@bloomberg.net

To contact the editors responsible for this story: Celeste Perri at cperri@bloomberg.net, Jon Menon, Ross Larsen

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