Exclusive: Deutsche Bank names new head of Wall Street business - sources

Tue Mar 14, 2017 9:01am EDT
 
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By Olivia Oran, Arno Schuetze and Anjuli Davies

NEW YORK/FRANKFURT (Reuters) - Deutsche Bank (DBKGn.DE: Quote) is replacing its U.S. chief Bill Woodley with the global head of its stock-trading business, Thomas Patrick, people close to the matter said, in a sign of its intent to restructure its Wall Street business.

The bank announced earlier this month that Chief Executive John Cryan would personally oversee the bank's U.S. business after paying $7.2 billion to settle an investigation into its selling of toxic U.S. mortgage-backed securities in the run-up to the financial crisis.

Patrick, who was appointed head of global markets equities in late 2015, will take over from Woodley in the coming weeks, one of the people said.

Woodley, who joined Deutsche Bank in 1998, was previously deputy CEO of Deutsche Bank Americas. Prior to that, he was the global chief operating officer for regional management from 2010 to 2013 and the regional chief operating officer for Asia Pacific based in Hong Kong.

Deutsche Bank declined to comment.

A planned 8 billion-euro ($8.5 billion) capital increase and a stock market listing of Deutsche Bank's asset management business will replenish the lender's capital reserves but also free up funds for potential investments in its core business of investment banking, which has lost market share to Wall Street rivals.

Since a push into investment banking starting in the late 1990s, trading activities have mostly been the main driver of earnings at Deutsche Bank, which views its U.S. performance as vital for the bank's success.

Key to that strategy is growing Deutsche Bank's cash-cow bond trading business, which Cryan says he will invest in even as he continues to cut costs, reduce staff and zero in on bonuses.   Continued...

 
A logo is pictured on the Deutsche Bank building in Geneva, Switzerland, October 11, 2016.  REUTERS/Denis Balibouse/File Photo