Deutsche Bank Said Poised to Name Patrick Stock-Trading Chiefby
Thomas Patrick also would run stock-financing business
Patrick would succeed Ritchie, who was promoted last month
Deutsche Bank AG plans to appoint North America equities head Thomas Patrick to run the firm’s global stock-trading business, a person with knowledge of the decision said.
Patrick, who joined the Frankfurt-based bank in 2012, also will oversee the company’s stock-financing operations, said the person, who asked not to be identified discussing personnel. He’ll be based in New York and fill the vacancy created last month when Garth Ritchie, 47, was promoted to run the bank’s markets business.
Patrick declined to comment, as did Oksana Poltavets, a spokeswoman for the bank. The Wall Street Journal reported the planned promotion earlier Tuesday.
Deutsche Bank last week announced plans for 11,000 job cuts as its seeks to focus on customers who generate the most revenue. The firm also announced management changes in October that included the departure of Colin Fan, who was replaced by Ritchie.
Patrick previously led Bank of America Corp.’s global banking and markets strategy and portfolio management in New York.