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- Address at ICI's 2017 Securities Law Developments Conference - SEC Commissioner Stein
- New York Pension Fund Seeks More Pay Disclosure from Wells Fargo
- Wells Fargo Sanctions Are on Ice Under Trump Official
- Josh Brown: Here's How to Buy Bitcoin, But Realize It Could Be One Giant Bubble
- Trump's New Tax Plan Could Cost Citigroup $20 Billion
- Morgan Stanley Fires Former Congressman Harold Ford Jr.
- Al Franken Will Resign Over Sexual Misconduct Allegations - His Full Resignation Speech
- Ex-NFL Player Gets 40 Years for Running $10Mn Fraud
- Bitcoin Blows Past $15K, Adding $2K in Under 12 Hours
- Financial Adviser Settles Charges for Defrauding Private Equity Fund Investors
- New Cross Market Equity Supervision Report Cards - FINRA Phone-In Workshop, WebEx Presentation
- Mueller Just Crossed Trump's Red Line, With Deutsche Bank Subpoena
- Wildfire Rages Near Los Angeles
- Former Company Insider Has $4.1Mn Payday as a Whistleblower
- Audit Firm, Anton & Chia, Conducted Fraudulent Audits of Penny Stock Companies - SEC
- Mueller Subpoenas Deutsche Bank Records on Trump and Family
- Bitcoin Nearly Halfway to $400Bn Value Predicted by Winklevoss Twins 4 Years Ago
- Fidelity Clients Suffer Second Website Glitch in Week
- CBOE Beats CME to Bitcoin Futures Launch with December 10 Start
- McKinsey Senior Exec Thomas Barkin Named New Head of Federal Reserve Bank of Richmond
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NEWSLETTERS & ALERTS
Deutsche Bank's Wild Ride Begins With Replacing U.S. Chief
[Photo: John Cryan, the Deutsche Bank CEO, posing on a Harley Davidson as a gag for wife Mary, the photographer.]
Deutsche Bank Announced that Thomas Patrick is replacing Bill Woodley as CEO of Deutsche Bank Americas.
Bill Woodley joined DB in 1998. Prior to his current appointments, Woodley he served as the Global COO for Regional Management, the Regional COO for Asia Pacific and the Supervisor of the Board for Deutsche Bank (China) Co. Ltd. He also worked for the Equities division.
Tom Patrick has been Head of Global Equities at Deutsche Bank AG since November 2015.
Earlier this month, CEO John Cryan announced big changes at the firm, after a torturous end to 2016 when DB agreed to pay $7.2 billion to settle Justice Department charges that the firm had sold toxic mortgage-backed securities leading up to the financial crisis.
Among the changes: (i) Cryan would take a more hands-on approach to DB business in the U.S.; (ii) the bank will raise about $8.5 billion; and, (iii) DB would list on the stock market its asset management business. But key to the bank’s success will be the growth of its bond trading business, to which Cryan has committed even as he continues to cut costs, axe reduce staff and limit bonuses elsewhere.
The German lender is now aiming to rank in the top 5 globally for FICC (fixed income, currencies and commodities) and top 3 in Europe.
And, of course, any investment bank with global ambitions needs to have a large Wall Street presence given America is the most lucrative market for investment banking fees and home to the world’s largest institutional investors.