Deutsche Bank Has Proposed Replacing Americas CEO with Investment-Bank Finance Chief
June 19 2019 - 11:01AM
Dow Jones News
By Jenny Strasburg
Deutsche Bank AG executives have sought to promote the finance
chief of the investment bank to replace the current Americas chief
executive, an important role responsible for high-level U.S.
regulatory relationships and oversight of the bank's sprawling
North American operations, according to people familiar with the
matter.
Bank officials have floated their plans for the executive,
Christiana Riley, with U.S. Federal Reserve staffers, according to
the people with knowledge of recent discussions inside the bank and
with regulators.
Ms. Riley is based in Frankfurt and has been with Deutsche Bank
since 2006. Executives hope to move her to New York to replace Tom
Patrick, the current Americas CEO since 2017, who has had
discussions about leaving, The Wall Street Journal previously
reported.
Based on preliminary discussions, Fed officials have been
cautious about the proposed management change, expressing concerns
about turnover in the role during a tumultuous time for the bank,
the people with knowledge of the discussions said. Deutsche Bank
plans what CEO Christian Sewing signaled last month will be "tough
cutbacks" in its investment bank, as the lender tries to stabilize
weak profits.
The Americas CEO job has been held by three people including Mr.
Patrick since mid-2016.
Deutsche Bank hasn't requested formal Fed approval for Ms.
Riley's appointment, some of the people said. Typically banks have
informal discussions about such senior roles with key regulators
before asking for a formal go-ahead.
A Deutsche Bank spokesman said, "We do not comment on rumors
about senior management."
Ms. Riley and Mr. Patrick declined to comment through a
spokeswoman for the bank.
Write to Jenny Strasburg at jenny.strasburg@wsj.com
(END) Dow Jones Newswires
June 19, 2019 10:46 ET (14:46 GMT)
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