Deutsche Bank appointed Grant Kvalheim president and chief executive officer of its U.S. securities subsidiary, filling a vacancy created last week by the resignation of C. Edward Carter.

Mr. Carter, who joined Deutsche Bank Securities Inc. in 1997 from Merrill Lynch & Co., left after it became clear he would not head investment banking in the Americas when the German bank completes its $10.1 billion merger with Bankers Trust Corp., a source close to the situation said.

Last week Yves C. de Balmann and Mayo A. Shattuck 3d, two top executives with Bankers Trust's securities subsidiary, BT Alex. Brown, were named to be co-heads of global investment banking of the combined bank. The merger deal is expected to close in the second quarter.

In naming Mr. Kvalheim to head its U.S. securities subsidiary, Deutsche Bank moved to fill a position required by Federal Reserve Board regulation. Mr. Kvalheim, who was hired by the German bank in 1995 from Merrill Lynch & Co. to head global debt capital markets, will continue in that role.

Deutsche has not yet announced the senior managers who would run fixed- income businesses for the combined bank.

Bankers Trust ranked No. 7 in U.S. junk bond underwriting last year, according to Securities Data Co., and was an early entrant in the fledgling European high-yield market. Deutsche, like other large European banks, has focused on investment-grade debt.

The German bank, Europe's second largest, sells equity and debt instruments through its New York subsidiary, primarily to U.S. institutional investors.

Its commercial division is organized around global product lines, and that structure would continue at the merged entity, a Deutsche spokeswoman said.

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