Deutsche Bank has named two Bankers Trust Corp. executives to the 13- member global steering committee that would oversee private banking after the German bank completes its acquisition of the American one.
Peter K. Scaturro, now head of domestic private banking at Bankers Trust, would keep responsibility for the U.S. business in the new organization. Josh Weinreich, a Bankers Trust investment management executive, would oversee global structured products in the post-merger private bank.
The two executives' current boss, global private banking chief Richard A. Marin, is not slated to work in the new organization's private bank. Sources said he is exploring other opportunities at Deutsche Bank.
The management assignments were delivered to the two banks' private banking staffs during the weekend by Bernd von Maltzen, Deutsche's global head of private banking.
Officials at both banks said Wednesday that Karen N. Horn, Bankers Trust's international private banking chief, has announced her retirement.
The United States also would be represented on the 13-member global committee by Kenneth J. Tarr, Deutsche Bank's executive vice president for private banking in New York. Mr. Tarr also has been named chairman of another committee that would run private banking in North and South America at the post-merger bank.
That five-member committee would include three Bankers Trust executives: Mr. Scaturro, Mr. Weinreich, and Paul W. Higgins, who oversees domestic trust and investment advisory for Bankers Trust.
From Deutsche Bank, Nicolai von Engelhardt would serve on the committee as head of international offshore private banking for South American clients.
Other Bankers Trust executives with jobs at the new private bank in the Americas include Michael Baresich, chief operating officer, and Kenneth McGloin, head of credit and risk management. Michael Lowengrub from Deutsche Bank would be controller.
David Ross Palmer, a private-banking consultant based in East Falmouth, Mass., said the planned organizational chart makes sense.
"Hopefully, if they can keep the people from BT, then they can sustain their expertise in the U.S.," he said of the post-merger Deutsche Bank.
In addition to New York, Bankers Trust has private advisory services offices in Chicago, Los Angeles, Miami, San Francisco, Greenwich, Conn., and Palm Beach, Fla. Assets under management by the group are not disclosed.
Deutsche Bank opened its U.S. private bank, Deutsche Bank Trust Co., in 1994. Deutsche Bank's private bank has 4,020 employees in 400 offices in 34 countries. The private bank controls $138.9 billion of client assets worldwide.
Deutsche Bank is expected to complete its acquisition of Bankers Trust in May.
