Deutsche Bank Has Proposed Replacing Americas CEO with Investment-Bank Finance Chief

Date : 06/19/2019 @ 11:01PM
Source : Dow Jones News

Deutsche Bank Has Proposed Replacing Americas CEO with Investment-Bank Finance Chief

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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