Deutsche Bank says it will replace US chief with stock trading head

Kai Pfaffenbach | Reuters

2016A statue is seen next to the logo of Germany’s Deutsche Bank in Frankfurt, Germany.

Deutsche Bank is replacing its U.S. chief Bill Woodley with the global head of its stock trading business Thomas Patrick, the German lender said on Tuesday.

As head of U.S. operations, Patrick will report to Chief Executive Officer John Cryan and will also keep his role as equities head.

Patrick joined Deutsche Bank in 2012 after 18 years at Bank of America.

Woodley, who joined Deutsche Bank in 1998, was previously deputy CEO of Deutsche Bank Americas. Prior to that, he was the global chief operating officer for regional management from 2010 to 2013 and the regional chief operating officer for Asia Pacific based in Hong Kong.

Woodley will leave Deutsche Bank as part of the change.

Reuters reported on Deutsche Bank’s plans to promote Patrick in March.

Deutsche Bank said in July it expects lower full year revenue for 2017, as its turnaround plans under Cryan hit a snag.