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FILE PHOTO: The logo of Deutsche Bank is seen in front of one of the bank’s office buildings in Frankfurt, Germany, October 27, 2016. REUTERS/Kai Pfaffenbach
November 28, 2018
FRANKFURT (Reuters) – Deutsche Bank’s <DBKGn.DE> head of the Americas, Tom Patrick, is likely to leave the bank, possibly by the end of the year, two people with knowledge of the matter said on Wednesday.
The change comes as Germany’s largest lender restructures its U.S. business and struggles with regulators.
A U.S.-based spokeswoman for Patrick declined to comment.
Deutsche Bank has made a raft of senior management changes this year, including its chief executive officer, as the bank seeks to become profitable after three years of losses.
Patrick was appointed under Deutsche’s previous chief executive John Cryan. Deutsche has since announced plans to streamline its U.S. operations, and it has failed a U.S. Fed stress test.
Pressure is also growing on Sylvie Matherat, Deutsche’s Frankfurt-based chief regulatory officer, amid growing internal criticism, said two people with knowledge of the matter.
No move was expected, however, at the bank’s next supervisory board meeting in early December, said one of the people. The supervisory board makes decisions on senior management changes.
A spokeswoman for Matherat declined to comment.
Last week, Matherat sought to distance Deutsche Bank from scandal-hit Danske Bank <DANSKE.CO>, Denmark’s largest bank, which is facing allegations of money laundering through its Estonia branch.
Matherat said the German lender played only a secondary role as a so-called correspondent bank for Danske, limiting what it needed to know about the people behind the transactions.
The Wall Street Journal, citing unnamed sources, reported on Tuesday that Deutsche Bank was weighing a shakeup that could result in Matherat’s departure.
Matherat had expressed unhappiness with what she described to some associates as constraints on improving financial-crime controls and mending Deutsche Bank’s relationships with regulators, The Journal said.
(Reporting by Tom Sims and Andreas Framke, editing by Louise Heavens and Adrian Croft)