Deutsche Bank has promoted its global head of stock-trading business, Thomas Patrick, to replace its US business chief Bill Woodley, a DB veteran who joined in 1998, part of a shake-up of Germany’s largest bank aimed at improving the profitability of its operations in Wall Street.
Reporting to DB’s Chief Executive Officer John Cryan, Mr. Patrick, who now holds the title of Americas CEO, will retain his current positions as global head of equities and co-head of US corporate and investment bank.
The decision comes after Deutsche Bank announced plans to axe nearly 17 percent of its equities staff and 6 percent of its fixed-income staff around the world. The plans are part of the German lender’s efforts to slim down its business, which saw losses of $2 billion in Q2 2017 after it was fined $7.2 billion for misleading investors relating to its sale of mortgage-backed securities during the 2008 crisis.
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The US business has been a key focus for Deutsche Bank, with its CEO taking personal responsibility for Wall Street operations in March this year.
“Tom Patrick will join the Board of DB USA Corporation, be appointed CEO of that entity and take on additional responsibilities as CEO of the Americas region, which remains an important source of growth for Deutsche Bank,” Cryan said.
The Frankfurt-based bank, threatened with further fines from global regulators, has recently gone on a hiring spree in investment banking in particular, adding 22 managing directors and directors for its US corporate finance business in 2017.