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. Brown before its acquisition by Bankers Trust. He is currently a Bankers Trust vice chairman.

Mr. de Balmann, 52, has been a vice chairman since 1997 was a managing director of Bankers Trust from 1988 to 1997.

Analysts said they bring complementary skills-Mr. Shattuck in equities and Mr. de Balmann in fixed-income.

The swiftness in appointing the new management was greeted positively. "It will be a key to the quick and successful integration of the two companies," Mr. Ball said.

Though BT Alex. Brown is expected to dominate the management of the U.S. operations, Deutsche is expected to supplant the former Natwest organization in London, analysts said. Bankers Trust purchased Natwest's equities business in April.

"They are trying to blend the companies," said Raphael Soifer, an analyst at Brown Brothers Harriman & Co. "It may be more of an issue in London with Deutsche and Natwest, but most expect the Deutsche side to prevail." Deutsche has a large investment banking staff in London via its acquisition of Morgan Grenfell in 1990.

Signs that Alex. Brown will play a prominent role in the United States may help retain Bankers Trust's equities staff, said executive recruiters and bank insiders. This summer, rumors of clashes between Alex. Brown investment bankers and Bankers Trust commercial bankers led to speculation that Alex. Brown employees were preparing a mass exodus. Executive recruiters said it is likely many will now stay on to see how the new regime works.

"It'll be up to Deutsche Bank to convince these guys it's going to be good," said Alan Johnson from the New York-based executive compensation firm Johnson Associates.

Richard H. Daniel, Bankers Trust's chief financial officer, told analysts last week that the two companies are focusing on retention. Bankers Trust is expected to pay 1998 bonuses this week. It also plans to pay employees part of their 1999 bonuses upon close of the Deutsche Bank deal, sources said.

According to Bankers Trust's filing with the Fed last week, the 1998 bonus pool is $1.1 billion, which is short of 1997 levels. Bankers Trust posted a loss of $6 million in 1998.

An additional $400 million retention pool, to be paid over time, was set aside by the two banks when they announced their merger.

Mr. Daniel told analysts last week that the two companies were working well together and have made joint courtesy calls on clients.

A six-member steering committee meets weekly-sometimes for two or three hours-to hammer out integration and organizational details, Mr. Daniel told analysts.

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