NEW YORK, Feb 13 (IFR) – Deutsche Bank’s US head of global transaction banking, Paul Saltzman, is to leave the bank next month.
Deutsche hired Saltzman to manage the processes around the Federal Reserve’s comprehensive capital analysis and review (CCAR) stress tests in May 2015.
Known as a CCAR Czar, his official title was vice-chairman and executive sponsor of the CCAR. He was previously president of the Clearing House Association.
His appointment in 2015 was intended to ensure Deutsche’s US operations were adequately prepared to submit to the full CCAR by 2018.
This was pertinent after its trust unit, Deutsche Bank Trust Company Americas, failed the qualitative portion of the Fed’s stress test several times.
Saltzman’s goal was to take the estimated two year and half years to get the bank ready for its first test of its US banking business this year.
However, Saltzman was moved into another role as US head of global transaction banking in Deutsche’s corporate and investment bank.
In an internal memo obtained by IFR, head of global transition banking John Gibbons said the bank will choose a successor for Saltzman “in the near future.”
In the meantime, Burkhard Ziegenhorn, global chief operating officer of the GTB, will oversee operations in the Americas. (Reporting by Philip Scipio)