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Stories of Interest
- Deutsche Bank Is Weighing Massive Cuts in Its U.S. Cash Equities Unit
- Richard Jenrette, Co-Founder of DLJ Investment Bank, Dies at 89
- Goldman Sachs Makes First Hire in Cryptocurrency Markets Unit
- Special FINRA Election to Fill Large Firm Governor Vacancy
- Chicago-Based Investment Adviser Sentenced to 151 Months in Prison - SEC
- Dun & Bradstreet Hit With FCPA Violations - SEC
- SEC Charges Additional Defendant in Fraudulent ICO Scheme
- Warren Buffett Simply Blew it on Wells Fargo Stock: Dick Bove (Video)
- Barclays and Deutsche Bank to Lag U.S. Trading Peers
- NY AG Schneiderman Seeks to Close Loophole That Could Let Trump Pardons Block State Charges
- 'Fearless Girl' is Moving to NYSE After Year Staring Down 'Charging Bull'
- What's In Your Wallet - American Express Shares Soar After Earnings Release
- Deutsche Bank's Executive Departures Continue Following Change in CEO
- Reflections of an Economist Commissioner (SEC's Piwowar)
- Billionaire HF Manager and The Fed Chair Runner-Up are Investing in New Cryptocurrency
- Court Finds 2 Brokers Liable for Fraud Involving Mortgage-Backed Securities
- One FINRA: An Organization’s Commitment to Diversity and Inclusion
- 2018 GASB Accounting Support Fee to Fund the Governmental Accounting Standards Board
- Barclays Eyes Move Into Cryptocurrency Trading
- Goldman Breaks From Wall Street Pack with Bond-Trading Boom
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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.