Deutsche Bank has named Thomas Mayer as head of Deutsche Bank Research and the new chief economist of Deutsche Bank.

Mr Mayer succeeds Norbert Walter, who will retire from the bank at the end of the year. He is presently chief European economist in Deutsche Bank’s global markets division.

Josef Ackermann, chairman of Deutsche Bank’s management board at Deutsche Bank Research, said: “Mr Walter has been a highly sought-after and respected discussion partner at Deutsche Bank and beyond that in the business community and society worldwide. We thank sincerely Mr Walter for his many years of commitment to our bank.

“We wish Mr Mayer, his successor, much success in his new position. We are sure that he will master the challenges with his soundly-based knowledge and capabilities and lead Deutsche Bank research successfully into the future.”