Deutsche Bank has named Paul Stefanick and Henrik Aslaksen to co-run the firm’s global investment-banking coverage and advisory business as the firm looks to expand in the U.S.
Stefanick, 52, who joined Deutsche Bank from Merrill Lynch in 2009, also will help lead the corporate finance unit in North America with Mark Fedorcik, according to the memo. Mayura Hooper, a spokeswoman for the Frankfurt-based lender, confirmed the contents of the memo.
In the meantime, Reuters reports that Deutsche Bank's global head of oil and agriculture trading, John Redpath, has left the bank, a source familiar with the matter said on Tuesday.
The bank has also been making steep cuts to its U.S. and European power and gas trading desks.
Finally, Bloomberg reports that Deutsche Bank is placing Dubai-based equity analysts on consulting contracts as it seeks to avoid job cuts in the Middle East, according to two people with knowledge of the matter.
Between three and six analysts are affected by the move, the people said, asking not to be identified as the changes aren’t public. While the analysts will lose some benefits they’ll still receive medical cover and be eligible for a bonus, one of the people said. They’ll continue to provide research exclusively for the bank as before, the people said.
image: © Holly Occhipinti