Deutsche Bank shuttering CRE advis

Deutsche Bank’s commercial real estate advisory group is dismantling, according to industry insiders, after enduring significant losses during the recession. While a spokesperson for Deutsche denied the claims, anonymous sources connected to the bank contend that the commercial arm will dissolve in the near future, with its managing director, Warren Friend, possibly leaving the bank for good, according to Bloomberg news. Even as it shuts down this arm of the company, however, the bank will continue to originate commercial mortgages, sources say. Deutsche is currently seeking out places for employees affected by the consolidation, although it is not immediately clear how many staffers work in that department currently. [Bloomberg]