Jeffrey Urwin Report: Deutsche Bank’s Investment Chief to Leave

Deutsche Bank’s investment banking head, Jeffrey Urwin, is in talks to leave his position, according to a report. Finance chief Marcus Schenk could be a possible successor.
Mr. Urwin switched from JP Morgan to Deutsche Bank in 2015.

Jeffrey Urwin is in talks to leave his role as Deutsche Bank’s investment banking chief, the Wall Street Journal reported Tuesday, citing people familiar with the matter.

According to the report, the bank is in discussions to name finance chief Marcus Schenck to lead the unit. The date of Mr. Urwin's departure remains unclear.

Mr. Urwin, who is from Great Britain, switched from JP Morgan to Deutsche Bank in 2015. His departure would be the second major change within Deutsche Bank’s senior management since John Cryan was appointed head of the Frankfurt-based lender in 2015.

Mr. Schenck, a former senior investment banker at Goldman Sachs, joined Germany’s largest bank two years ago.

Deutsche Bank reported a €1-billion loss for 2016. Although this was considerably lower than the previous €1.4 billion ($1.5 billion) loss, it was larger than expected. The lengthy rebuilding process and countless legal disputes have taken their toll on the balance sheet.

The bank’s latest legal challenge comes from Israel. Tel Aviv’s tax authorities accused the lender of not having properly paid tax for transactions worth 550 million shekels, or €140 million.

According to Israeli investigators, Deutsche Bank allegedly carried out transactions for Israeli customers who posed as foreigners, enabling them to avoid tax obligations.

Boaz Schwartz, the head of Deutsche’s Israel unit, was detained on Tuesday in connection with the allegations but was later released on bail.