Selman is now among dozens already on their way out, the people said. Zia Huque, the CEO of Deutsche Bank’s securities division in the U.S., hasn’t been seen at work in weeks. Tom Patrick, the head of the Americas who joined the bank a decade ago and oversees the relationship with the Federal Reserve, seems to be packing up his office, and Deutsche Bank is considering his replacement.
That’s left Ashley Wilson, the co-head of equities trading in the Americas, in charge of restructuring the unit.
Longtime traders like Brad Kurtzman, Craig Bench and Powell Fraser have also left the bank, followed by dozens of second- and third-tier executives -- many of whom can’t find jobs elsewhere. Some U.S. managers said that for years they advised cutting some smaller pieces of the trading business to improve profitability. As they exit, they lament that senior executives didn’t heed their counsel and now need the heavy ax.
Last week, the American business got a lift with the news that it passed the Federal Reserve’s annual stress test. Sewing sent a note to staff calling it a “great step forward.” The feeling of triumph didn’t last long, replaced within hours by more reports of deep job cuts in the U.S.
The German firm has already announced that in two years it will start departing the tower at 60 Wall Street that’s been its home since the early 2000s for midtown digs offering a Central Park view.
As the bank’s workers spill out into the financial district watering holes, a popular question is how many of them will be around to leave Wall Street.
--With assistance from Melissa Karsh.
This article was provided by Bloomberg News.