Deutsche Bank has named global equities boss Tom Patrick as the new head of the Americas business, described by chief executive John Cryan as an “important source of growth” for the bank.
Germany’s biggest lender announced the promotion of Mr Patrick, who joined Deutsche in 2012 after 18 years at Bank of America Merrill Lynch, in a memo to staff on Tuesday afternoon.
Mr Patrick replaces Deutsche veteran Bill Woodley, who oversaw the creation of Deutsche’s international holding company in the US last year and was known to be stepping down.
The US is the world’s biggest and most profitable investment banking market but it has recently been problematic for Deutsche. Last December, the bank was hit by a $7.2bn fine for mis-selling mortgage bonds. Deutsche has also been put in a tricky legal situation after politicians asked it to divulge information about its relationship with Donald Trump.
In the note announcing Mr Patrick’s promotion, Mr Cryan described the Americas region as an important for growth for the bank, which is midway through a five-year restructuring plan designed to reduce risk and enhance efficiency.
Deutsche is ranked the joint seventh biggest investment bank in the US by revenues, behind the big five American banks and Barclays, and level with Credit Suisse, according to the latest annual data from industry monitor Coalition. This marks the German bank’s worst position in the US for at least three years.
Mr Patrick’s promotion also comes at a time of high-profile recent departures, including Jeff Urwin, Deutsche’s New York-based head of corporate and investment banking, who quit this year. In June, Paul Stefanick, Deutsche’s New York-based chairman of global corporate and investment banking, left for boutique advisory firm Evercore.
Executives at the bank say the core US business remains strong and bank is determined fill any gaps. To that end, it has embarked on a hiring spree in spite of the sporadic rumours of its retreat from the US as a result of its recent blows.
So far this year, the bank has hired 22 managing directors and directors for its US corporate finance team, with a particular focus on healthcare, financial institutions and natural resources. It has also hired four managing directors and directors in global markets.
As well as becoming chief executive of DB USA Corporation, Mr Patrick will continue as head of equities and co-head of Deutsche’s US corporate and investment bank. Mr Patrick has been head of global equities since November 2015, when he took over from Garth Ritchie, who is now head of Deutsche’s global markets business.