Deutsche Bank Names New Global Head of Equities Trading
19 November 2015 - 5:00AM
Dow Jones News
Deutsche Bank AG named a new head of equities trading and new
global co-heads of prime finance on Wednesday, as the German lender
reshuffled its global stocks business following changes in its
markets-division leadership on multiple levels, according to an
internal memo.
Ashley Wilson and Greg Bunn were appointed co-heads of the prime
finance business that handles hedge-fund clients' trades, loans
them securities and provides other services to asset managers,
according to the memo from Global Equities Chief Thomas Patrick.
Its contents were confirmed by a spokesman. Messrs. Wilson and Bunn
currently run the prime-brokerage business in Europe and the
Americas, respectively.
Rick Saunders was named global head of equities trading, in
addition to his role as head of equities for the European region.
In Asia, Rob Ebert will remain head of equities for the region, the
memo said.
The moves come a week after Deutsche Bank named Mr. Patrick to
run the equities business globally. He had been North American
equities chief and also oversaw equity derivatives globally.
Mr. Patrick took over the top equities job after Garth Ritchie,
the former equities chief, was promoted last month to oversee all
of the bank's markets businesses as part of a larger reorganization
of the investment bank under Deutsche Bank's new co-chief
executive, John Cryan.
Mr. Patrick's just-vacated global-equity-derivatives role is now
held by Brad Kurtzman, who also is head of equities trading for the
Americas, according to Wednesday's memo.
The prime-finance leadership posts now held by Messrs. Wilson
and Bunn already changed hands earlier this year, when former Asia
equities executive Dixit Joshi was named to run the business after
the previous head left for Citigroup Inc. Mr. Joshi is now
overseeing fixed-income sales.
The changes are the latest in a wide reorganization of Deutsche
Bank's markets and mergers-advisory business. The bank last month
split its investment bank in two, separating markets from
deal-advisory, saying the move would improve client service while
the lender cuts costs and narrows the scope of its overall
business.
Leadership changes in equities and debt trading—core divisions
for Deutsche Bank—are altering the face of the businesses for
hundreds of clients. A stream of promotions and departures also has
occurred in the lender's wealth and asset-management businesses,
retail and investment banking and corporate finance.
Wednesday's memo said that Andy McDonnell will remain head of
convertible trading, and Jonny Potter remains head of equity
sales.
Write to Jenny Strasburg at jenny.strasburg@wsj.com
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(END) Dow Jones Newswires
November 18, 2015 12:45 ET (17:45 GMT)
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