Deutsche Bank said Wednesday that it has named John A. Ross president and chief executive officer of the German bank's American operations.
A U.S. citizen and veteran financial markets expert, Mr. Ross is to take charge of the operations when Deutsche Bank closes its $10 billion deal for Bankers Trust Corp.
The transaction is expected to be completed about June 4.
The 54-year-old executive is currently CEO of Deutsche Bank's Asia- Pacific bank group in Singapore. In his new role he will be based in New York.
Born in New York and a graduate of the Wharton School of Business, Mr. Ross began his career with Bank of New York in 1972. He spent 20 years in London and New York for the bank, rising to executive vice president for global assets and liability management.
Mr. Ross was not available for an interview Wednesday but a former colleague from Bank of New York described him as "blunt talking."
"John has held just about every job in international banking, as it is known," said Owen Brady, a retired former senior executive of Bank of New York. "He knows what he's doing and is really knowledgeable about financial markets."
Mr. Ross joined Deutsche Bank in New York in 1992 as its U.S. chief financial officer.He was later named group treasurer for North America and appointed to the bank's executive committee in Frankfurt.
In February 1998 he moved to Singapore as head of Deutsche Bank's Asian operations. His mission there was to straighten out problem loans and redirect the bank's resources from lending into capital markets.
Mr. Ross will succeed Barry Allardice, Deutsche Bank's group CEO for the Americas, who will continue to manage aspects of the merger integration.
Mr. Ross is slated to report to Josef Ackermann, co-chairman of the global corporate and institutions division, and to Ronaldo Schmitz, member of the board of managing directors.
Analysts said Deutsche Bank, one of the world's largest banking companies, with $692 billion of assets, faces a major task coordinating its newly acquired U.S. operations with other parts of its global bank. Deutsche ran into difficulties integrating its 1989 acquisition of London investment bank Morgan Grenfell.
"They need to get people in Frankfurt and London to talk to the people in New York," said James Hyde, a Merrill Lynch & Co. analyst in London. "What we've understood is people in London and Frankfurt did not talk to each other very happily in the past."
"It's the same as any other integration," added Raphael Soifer, an analyst at Brown Brothers, Harriman & Co. "They need to retain people, retain clients, and grow revenues. There's less of a cost aspect to this."
Mr. Ross' promotion does not appear to have affected the prospects of Bankers Trust CEO Frank N. Newman, who is expected to become co-chairman of global corporate and institutions with Mr. Ackermann.
Mr. Newman agreed to a five-year contract with Deutsche Bank, and analysts said he will be an important executive in the early stages of the combination.
"They need him to work on the integration, and that project will take two years," said Mr. Soifer of Brown Brothers.
Deutsche Bank also said Wednesday that Robert M. Stein, CEO of the bank group in Japan, will succeed Mr. Ross as chief executive of the Asia Pacific bank group. Michael deSa, deputy CEO of Deutsche Bank Asia Pacific, was named chief operating officer of asset management, based in London.
