Deutsche Bank’s Fedorcik to Run U.S. Corporate, Investment Bankby
Paul Stefanick promoted to global chairman of the division
Move marks the second overhaul of unit’s leaders in a year
Deutsche Bank AG promoted Mark Fedorcik to run its U.S. corporate and investment bank, succeeding Paul Stefanick, who will become global chairman of the business.
The move, announced in a memo to employees, marks the second shakeup of the division’s leadership in less than a year as the German lender works to improve profitability and bolster its balance sheet. Fedorcik had been appointed in November to run debt capital markets as part of a new management team.
In a newly created role, Stefanick will “focus on engaging with the C-Suite of our global priority clients,” the Frankfurt-based bank said in the memo, which was confirmed by a spokeswoman.
Since taking over last year, Deutsche Bank Chief Executive Officer John Cryan, 55, has struggled to boost profitability by overhauling operations, selling risky assets and eliminating jobs. Unresolved legal probes and claims have added to concerns that the lender will be forced to raise capital. Last week, the company rebuffed the U.S. Justice Department proposal that it pay $14 billion to settle a probe tied to mortgage-backed securities.
The latest change was reported earlier Thursday by the Wall Street Journal.