Troubled Deutsche Bank has announced that the current Head of Global Transaction Banking, has been designated to join the Management Board and take on a new role as Chief Executive Officer of Asia Pacific.
Frankfurt headquartered Deutsche plans to appoint Werner Steinmueller as the new CEO for the APAC region. Steinmuller will relocate to Hong Kong in the autumn and become the first-ever Management Board member to be located in the region. His appointment will be subject to regulatory approval.
Steinmuller has been with Deutsche Bank since 1991 and has been the Head of Global Transaction Banking (GTB) since 2004.
Failed Stress Test
Following his relocation to Hong Kong Steinmueller will be succeeded as Head of GTB by John Gibbons. Gibbons previously worked at Deutsche Bank and Bankers Trust from 1992 to 2001, he has most recently been Regional Executive for Europe, Middle East and Africa and Global Head of Banks and Broker Dealers for Treasury Services at J.P. Morgan.
In a recent report the International Monetary Fund said Deutsche Bank appeared to be «the most important net contributor to risks» in the global banking system. At around the same time, the Federal Reserve announced that Deutsche Bank's U.S. unit had failed its annual stress test for a second straight year.
