Deutsche Bank’s chief economist and research head, Thomas Mayer, will step down from the position at the end of May.

Mayer will instead divide his time between academic research and advising the German lender’s senior management and clients.

He will be replaced by David Folkerts-Landau, the bank’s current head of market research. Folkerts-Landau has worked with Mayer for over 20 years.

Before joining DB Research in Frankfurt in 2010, Mayer spent seven years as chief European economist in London and was co-head of the global economics group at Deutsche Bank's markets research arm. He previously worked for Goldman Sachs in Frankfurt and London between 1991 and 2002.

Josef Ackermann, chief executive and chairman of Deutsche Bank, said in a statement that he is indebted to Mayer for his advice during the financial crisis.