Drew Goldman, global head of hedging and investment banking advisory at Deutsche Bank, will step down and be replaced by regional chiefs, according to a memo seen by Reuters on Monday.
Goldman, who has held numerous senior positions during his 22-year tenure at the German lender, is keen to pursue opportunities outside of investment banking, according to the memo written by the co-head of the research unit. investment banker, Mark Fedorcik.
Goldman will join the Abu Dhabi sovereign wealth fund as global head of real estate investments on Oct. 3, according to a statement from the Abu Dhabi Investment Authority.
Global co-head of mergers and acquisitions (M&A), Bruce Evans, will now oversee investment banking coverage and advisory for the Americas at Deutsche Bank. Evans, a 15-year veteran at Deutsche, was named co-head of mergers and acquisitions last year.
Henrik Johnsson and Berthold Fuerst are responsible for investment banking coverage and advisory in Europe, while Mayooran Elalingam leads the franchise in Asia.
The content of the note was confirmed by a Deutsche Bank spokesperson.
The management reorganization comes amid falling global trading volumes, which have been hit hard by broader market volatility. In its latest quarter, Deutsche – like its US rivals – was hit by a slowdown in transactions amid rising interest rates and uncertainty fueled by Russia’s invasion of Ukraine.
Goldman has served in his current role since 2019 and previously helped build Deutsche Bank’s global real estate, gaming, hospitality and leisure investment banking businesses. He has advised on several notable transactions, including Marriott International Inc’s acquisition of Starwood Hotels and Resorts Worldwide Inc in 2016.
Before joining Deutsche Bank in its real estate investment banking unit in 1999, Goldman held positions at luxury hotel manager Kerzner International, BNP Paribas and Bear Stearns & Co.