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- Sarah ten Siethoff is New Associate Director of SEC Investment Management Rulemaking Office
- Catherine Keating Appointed CEO of BNY Mellon Wealth Management
- Credit Suisse to Pay $47Mn to Resolve DOJ Asia Probe
- SEC Chair Clayton Goes 'Hat in Hand' Before Congress on 2019 Budget Request
- SEC's Opening Remarks to the Elder Justice Coordinating Council
- Massachusetts Jury Convicts CA Attorney of Securities Fraud
- Deutsche Bank Says 3 Senior Investment Bankers to Leave Firm
- World’s Biggest Hedge Fund Reportedly ‘Bearish On Financial Assets’
- SEC Fines Constant Contact, Popular Email Marketer, for Overstating Subscriber Numbers
- SocGen Agrees to Pay $1.3 Billion to End Libya, Libor Probes
- Cryptocurrency Exchange Bitfinex Briefly Halts Trading After Cyber Attack
- SEC Names Valerie Szczepanik Senior Advisor for Digital Assets and Innovation
- SEC Modernizes Delivery of Fund Reports, Seeks Public Feedback on Improving Fund Disclosure
- NYSE Says SEC Plan to Limit Exchange Rebates Would Hurt Investors
- Deutsche Bank faces another challenge with Fed stress test
- Former JPMorgan Broker Files racial discrimination suit against company
- $3.3Mn Winning Bid for Lunch with Warren Buffett
- Julie Erhardt is SEC's New Acting Chief Risk Officer
- Chyhe Becker is SEC's New Acting Chief Economist, Acting Director of Economic and Risk Analysis Division
- Getting a Handle on Virtual Currencies - FINRA
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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.