Deutsche Bank AG named Craig Bench and John O’Brien co-heads of equity distribution for the U.S. after former boss Derek Capanna departed for UBS Group AG, according to two people with knowledge of the moves.
Bench and O’Brien are both based in New York and report to Jonny Potter, who had been running equity sales at Deutsche Bank with Capanna, said the people, who asked not to be identified without authorization to discuss the changes publicly. Capanna now heads global equities distribution for UBS.
Deutsche Bank, which runs Europe’s biggest investment bank, is attempting to bolster profitability by reducing costs and cutting back in certain businesses. Co-Chief Executive Officer John Cryan has said he will provide details of his strategy in October.
Bench, who previously was the head of New York institutional sales, has worked at Deutsche Bank since 2001, when he joined as an associate research analyst, according to his LinkedIn profile. O’Brien was previously head of U.S. equity derivatives sales and joined Deutsche Bank from Bank of America Corp. last year.
Bench declined to comment, and O’Brien didn’t immediately return a message.