Deutsche Bank AG hired former Lehman Brothers Holdings Inc. executive Tom Humphrey to lead its investment-banking and trading division in North America, succeeding Jeffrey Mayer.
Humphrey will become head of corporate banking and securities for North America tomorrow and report to Jacques Brand, Colin Fan and Robert Rankin, the Frankfurt-based company said in a memo to employees today. Michele Allison, a spokeswoman for the bank, confirmed the contents of the memo.
Humphrey brings experience in the fixed-income trading business, including two decades at Lehman, where he rose to global head of fixed-income, currencies and commodities sales. Deutsche Bank was the third-largest fixed-income trader among the biggest banks in the first half of 2014, and like rivals has seen revenue declines in that business, according to data compiled by Bloomberg.
“With Tom’s record of achievement in sales and trading and asset management, we are confident that he will drive our goals as a top-tier investment bank globally with a leading North America franchise,” Brand, Fan and Rankin wrote in the memo.
Deutsche Bank’s corporate-banking and securities division accounted for the majority of its pretax income in the first half of 2014. The unit generated 7.61 billion euros ($10 billion) in revenue globally, down 6 percent from a year earlier.
Most of the revenue decline came in fixed-income trading, as global banks faced low levels of volatility and volume in the first half. Anshu Jain, Deutsche Bank’s co-chief executive officer, said in July that he expects those challenges to continue “in the near and medium term.”
Humphrey joined Barclays Plc’s investment-banking division, where he was Americas head of FICC distribution, when the British bank bought Lehman. He joined GoldenTree Asset Management LP in 2010, becoming global head of business development for the firm, which manages about $21 billion in hedge and long-only funds focused on corporate and structured credit.
Last month, Mayer was named chairman of FirstKey Holdings LLC, a real estate finance company backed by Cerberus Capital Management LP.