Deutsche Bank is likely to install a new head of its investment bank, as chief executive Christian Sewing steps back from overseeing the unit to appease regulators and focus on the German lender's sweeping overhaul.

Sewing is set to relinquish his role overseeing Deutsche's investment bank, which he has held since 2019, when former boss Garth Ritchie departed and the lender unveiled plans to exit equities trading and slash 18,000 jobs as part of plans to refocus the bank, according to Bloomberg.