When Karl-Georg Altenburg came to Deutsche Bank just 20 months ago, he was full of ambition and many at the German bank had high hopes. He was “coming home” in a sense, after years at the U.S. rival JP Morgan, most recently as head of its German division.
Mr. Altenburg took on the role as Deutsche Bank’s co-chief of corporate finance in Europe, the Middle East and Africa.
A former management board member of the German bank, Robert Ranking, praised Mr. Altenburg for a “profound understanding of corporate finance in Germany.” A few months later, in mid-2014, Mr. Altenburg’s enthusiasm was unabated and he said he was moving forward with his plans for “an organizational realignment that will allow us to expand our market position in Germany.”
Reality has played out differently. Rather than increasing its market share, Deutsche Bank has lost ground to competitors under Mr. Altenburg’s leadership, despite their home court advantage. Now, Mr. Altenburg has become the latest high-profile executive to leave Germany’s largest bank, according to financial sources. The news was first reported by the German business monthly Manager Magazin.
The former mechanical engineer appears to have fallen victim to the major reorganization plans of new Deutsche Bank co-chief executive John Cryan.