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- Deutsche Bank Said to Lose as Much as $60Mn Over Derivative Trade
- Dimon Says JPMorgan Headcount to Keep Rising Despite Automation
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- Deutsche Bank Bullish on London Despite Brexit
- Supreme Court Nears Finish With Big Cases, Retirement Rumors
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- Fired Biglaw Associate Arrested for Trying to Extort Partners
- Canada's CIBC Completes $5Bn PrivateBancorp Buy
- Word ‘Women’ Literally Never Appears in U.S. Senate’s 142-Page Health-Care Bill
- Stephen Pierce, Goldman Sachs Global Head of Equity Markets, To Retire
- Al Gore 'Not Very Smart,’ But Became Filthy Rich Using Simple Investing Formula - Charlie Munger
- U.S. Regulators, Lawmakers Support Volcker Rule Revamp at Hearing
- Morgan Stanley Opts for Frankfurt as New EU Hub
- A New Risk for Goldman, Morgan Stanley in Stress Tests (subsc reqd)
- A Trump Bump for Law Firm of President’s Lawyer - Kasowitz Benson Torres
- JPMorgan, BofA, Goldman, Citi, Wells Fargo Pass Fed's Stress Test
- Blackstone Stock Still Trading at $31 - Its IPO Price From 10 Years Ago
- NJ Resident and NY-Based Global FX Club Charged with Solicitation Fraud, Misappropriation - CFTC
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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.