In a surprise announcement, Deutsche Bank said today that Seth Waugh has decided to step down as CEO of Deutsche Bank Americas.
A successor has yet to be named, but the German investment bank says one will be identified in due course. Mr. Waugh will remain as CEO through the selection and transition process. He will then continue to serve the bank in an advisory capacity.
Mr. Waugh has been CEO of the Americas since April 2000, over which time the Americas operations have seen tremendous growth and development. The bank currently has 23 jobs posted on the U.S. site of eFinancialCareers.
“Seth has been a critical driver of Deutsche Bank's impressive development in the Americas as well a cherished adviser to me," said Dr. Josef Ackermann, Chairman of the Management Board and the Group Executive Committee of Deutsche Bank in a statement released today in Frankfurt. "Our clients have the highest regard for him and therefore we are delighted that he will continue to work with us in the region,” the statement added.
Mr. Waugh said he was "incredibly fortunate to have worked with so many outstanding people over the past dozen years here at Deutsche Bank and I am very proud of what we have achieved in the Americas. The bank is extraordinarily well positioned for continued success and growth and I’m looking forward to being part of this success story in a new capacity."
Deutsche Bank is a leading global investment bank with more than 100,000 employees in 72 countries. It has a substantial private client and wealth management franchise and is a leader in Germany and Europe. The bank is continuously growing in North America, Asia and key emerging markets.