Deutsche Bank鈥檚 senior leadership departures continue, as new agency lending structure takes form
24 October 2019 New York
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Further senior figures from within Deutsche Bank's North American securities lending business are understood to be set to leave, amid a widespread restructuring of the bank's operations.
Anthony Toscano, co-head of agency lending for North America and head of US trading and risk, is latest person known to be departing the bank, alongside several other , including Tim Smollen and Jay Schreyer, in addition to securities lending director Mark Tisi.
Toscano first joined Deutsche Bank in 1997 as a director before leaving to join Commerzbank in 2002, also as a director, where he stayed until he re-joined Deutsche Bank in his latest role in 2009.
A spokesperson for the bank declined to comment on the specific details of the recent departures or their potential replacements but did add that the bank remains committed to its securities finance business going forward.
A source close to the bank further indicated that Jim Aris, Deutsche Bank's head of agency securities lending for EMEA equity trading, is set to take a leading role in the restructured agency lending business, although further details are as yet unknown.
The senior staff loses of the bank鈥檚 investment businesses, which will see as many as 18,000 jobs cut across its global offices; although most are expected to occur in its German locations.
The recent agency lending departures also follow the start of Deutsche Bank鈥檚 sell-off of its global prime finance and electronic equities business to BNP Paribas, which was formalised in September.
As part of the agreement, Deutsche Bank said it will continue to operate the equities platform until clients can be migrated to BNP Paribas to ensure continuity of service. Following this, Deutsche Bank has said it will maintain a focused equity capital markets operation.
The job cuts and business closures are the results of poor earnings figures and a series of penalties by global regulators for business mismanagement and compliance failures.
The major restructuring plan will see the bank significantly downsize its investment banking business and cut costs by a quarter by 2022.
Anthony Toscano, co-head of agency lending for North America and head of US trading and risk, is latest person known to be departing the bank, alongside several other , including Tim Smollen and Jay Schreyer, in addition to securities lending director Mark Tisi.
Toscano first joined Deutsche Bank in 1997 as a director before leaving to join Commerzbank in 2002, also as a director, where he stayed until he re-joined Deutsche Bank in his latest role in 2009.
A spokesperson for the bank declined to comment on the specific details of the recent departures or their potential replacements but did add that the bank remains committed to its securities finance business going forward.
A source close to the bank further indicated that Jim Aris, Deutsche Bank's head of agency securities lending for EMEA equity trading, is set to take a leading role in the restructured agency lending business, although further details are as yet unknown.
The senior staff loses of the bank鈥檚 investment businesses, which will see as many as 18,000 jobs cut across its global offices; although most are expected to occur in its German locations.
The recent agency lending departures also follow the start of Deutsche Bank鈥檚 sell-off of its global prime finance and electronic equities business to BNP Paribas, which was formalised in September.
As part of the agreement, Deutsche Bank said it will continue to operate the equities platform until clients can be migrated to BNP Paribas to ensure continuity of service. Following this, Deutsche Bank has said it will maintain a focused equity capital markets operation.
The job cuts and business closures are the results of poor earnings figures and a series of penalties by global regulators for business mismanagement and compliance failures.
The major restructuring plan will see the bank significantly downsize its investment banking business and cut costs by a quarter by 2022.
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