FRANKFURT - In a widely anticipated move, Deutsche Bank on Wednesday named Seth Waugh, 42, to head its corporate and investment banking unit for the Americas and Mayo Shattuck, 45, to captain its private-client and asset business there.
The two men succeed John Ross, 56, who headed all Deutsche's business lines in the Americas. He was named corporate chief operating officer and put in charge of managing the bank's expenses. He remains in New York and reports to Thomas Fischer, group chief operating officer, who is based in Frankfurt.
This month the Frankfurt banking company streamlined its business lines into two units, covering corporate and investment banking and asset management.
On Wednesday Deutsche also named Michael Cohrs and Bob Cotter global co-heads of corporate finance and said that Yves De Balmann, who had shared that post with Mr. Shattuck, would step down but continue to act as an adviser.
The changes were unveiled in a memo to employees from Josef Ackermann, who heads the bank's corporate and investment banking division and has been designated to succeed chief executive Rolf Breuer, who plans to retire next year.