Deutsche Bank replaces US head Bill Woodley with equities manager Thomas Patrick: Sources
Deutsche Bank is replacing its US chief Bill Woodley with the global head of its stock-trading business, Thomas Patrick, people close to the matter said.
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.
Deutsche Bank declined to comment.
Germany`s flagship lender announced earlier this month that Chief Executive John Cryan would personally look after expanding its US business, which has lost market share to Wall Street rivals.
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.
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 US performance as vital for the bank`s success.