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.

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