Deutsche Bank’s Urwin to Oversee Americas Business on Board
(Bloomberg) -- Deutsche Bank AG said Jeff Urwin will assume management board responsibility for the company's business in the Americas as it works to comply with stricter regulatory scrutiny in the U.S.
Urwin, who is based in New York, is taking on the role in addition to his position as head of corporate and investment banking, Deutsche Bank Chief Executive Officer John Cryan said in a note to staff published on the Frankfurt-based company's website on Friday.
Foreign banks whose U.S. assets exceed $50 billion have spent billions of dollars to create legal umbrella structures for their local operations and take part in the Federal Reserve's annual stress tests. Deutsche Bank, which generated 25 percent of its revenue in North America last year, has pledged to improve its regulatory reporting after one of its U.S. units failed the Fed's tests on qualitative grounds this week.
Deutsche Bank said it has created its so-called U.S. intermediate holding, “which will hold a substantial part of our U.S. businesses and infrastructure.” It is appointing a chief risk officer and chief financial officer for the unit, which will have a 16-member board comprising executives from the company as well as external officials.
Urwin has expanded his role since joining Deutsche Bank as co-head of its investment banking and trading unit in 2015. At the beginning of this year, he joined the management board and took on oversight of the company's transaction banking business. He also led an initial review of the company's procedures for taking on clients after regulators faulted its anti-money-laundering controls.
Bill Woodley, who joined Deutsche Bank in 1998 after serving in the Royal Navy, will be CEO of the Americas and report to Urwin, according to the note. He has previously held roles including global chief operating officer for regional management, chief operating officer for the Asia Pacific region, supervisor of the board for the company's China unit and has worked in the equities division, according the bank.
To contact the reporter on this story: Nicholas Comfort in Frankfurt at ncomfort1@bloomberg.net. To contact the editors responsible for this story: Simone Meier at smeier@bloomberg.net, Jon Menon, Vernon Wessels
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