Deutsche Bank AG said Friday that Douglas H. Lemmonds, managing director and chief operating officer of its private bank in North and South America and president of its U.S. trust bank, will leave the company by the end of the month.
Deutsche Bank refused to discuss the matter, but a source close to the situation said that Mr. Lemmonds' departure was connected to the reorganization of the German bank's U.S. operations in the wake of its June acquisition of Bankers Trust Corp.
Mr. Lemmonds declined to be interviewed, saying he had agreed with the bank not to do so.
The source said Mr. Lemmonds had not found a new position but expected to be working again soon in the financial services industry.
Mr. Lemmonds, 52, had been with Deutsche Bank for three years, and with Bank of America for more than 20 years before that. He started his career in 1970 with the Federal Reserve Bank of Richmond.
The source said that Deutsche had awarded Mr. Lemmonds a standard severance package, and that he was looking forward to a few months of leisure before resuming his career.
The Bankers Trust deal will probably mean further disruption at Deutsche Bank's private bank, the source said. Mr. Lemmonds' duties will be split among four people, he added.