Magazine article American Banker

Deutsche Announces Post-Merger Management

Magazine article American Banker

Deutsche Announces Post-Merger Management

Article excerpt


Preparing for its acquisition of Bankers Trust Corp., Deutsche Bank on Tuesday named senior managers to run the combined company's worldwide corporate and investment banking operations.

Though most of the top-level spots were given to executives from the Frankfurt-based bank, two executives from BT Alex. Brown, Bankers Trust's U.S. investment bank, would also figure prominently in the new organization.

These include the unit's co-heads, Yves C. de Balmann and Mayo A. Shattuck 3d, who would head global investment banking at the new bank.

From Deutsche Bank, Edson Mitchell has been tapped as head of global markets and Michael Philipp as head of global equities. Both are based in London.

Also from Deutsche Bank, Juergen Fitschen would head global banking, which includes corporate loans and international leasing, and Hugo Banziger would head credit risk management. Mr. Fitschen is based in Frankfurt and Mr. Banziger in London.

Elizabeth Ruml from Bankers Trust would head market risk from New York.

The seven executives would report to Josef Ackermann and Frank N. Newman, who are to co-head the new company's global corporates and institutions division. Mr. Ackermann currently heads that unit for Deutsche Bank. Mr. Newman is chairman and chief executive officer of Bankers Trust.

Some of these management announcements were widely anticipated, as Bankers Trust would be folded into the German bank's global corporates and institutions division when the deal is finalized.

But observers said the elevation of BT Alex. Brown's Mr. Shattuck and Mr. de Balmann-and the potential for more senior appointments from Alex. Brown-are seen as "confirmation of the value of the U.S.-based equity franchise" to the new Deutsche Bank, said Bradley Ball, an analyst at Credit Suisse First Boston.

Bankers Trust acquired Alex. Brown & Sons, a Baltimore equities boutique, in 1997.

Deutsche Bank AG announced its $10.1 billion deal for Bankers Trust in November. The banks said last week that they are on target to complete the merger in the second quarter and are aiming for a May closing date. Deutsche Bank filed its merger application with the Federal Reserve Board on Thursday.

At Bankers Trust in New York, insiders said they are now waiting to learn the identities of the line managers for the U.S. operations. Those announcements-which had been expected by Jan. 15-are also expected to show strong representation from BT Alex. Brown.

Bruce Brandaleone, BT Alex. Brown's head of equity sales, and Denis J. Callaghan, its head of equity research, are said to be the front-runners for those same slots at the combined company.

Mr. Shattuck, 44, was the president and chief operating officer of Alex. …

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