iggy resigns, page-16

and in other news (Business Spectator):

Deutsche Bank's two most senior executives in Australia are set to depart as the bank becomes the latest international bank to shake-up its Australian division, according to The Australian Financial Review.

Deutsche's Australia head John Macfarlane will depart along with the bank's local head of corporate finance, Scott Perkins, the AFR reported.

Michael Ormaechea will become head of corporate banking and securities for Australia and New Zealand in addition to his existing role in charge the bank's Asia Pacific equities and fixed income, currencies and commodities business.

Global banks have been reviewing their international divisions, especially those that are less profitable, as tightened regulations force them to refocus on core activities.

Deutsche Bank is a leader in Australia's debt sales and trading sector, and is third behind Citigroup and UBS in equities broker market share, according to the AFR.

Mr Macfarlane said he could not commit to another three-to-five-year term necessary to oversee the bank's next chapter, adding “this feels like the right time” to depart, the AFR added.

http://www.businessspectator.com.au/news/2013/6/12/financial-services/local-deutsche-execs-depart

not saying the two are linked - but DB is having a very rough time with their "investments" (don't read German news if you don't want to know!!!) - and I see a link in this in as far as DB can not afford another hefty loss in its Aussie operations.


That said - DB is ruthless at cutting losses when it sees no other option - so not the ideal "provider of credit" as far as a SH is concerned.

(aware of a few of their "debacles" like CRE/FML TO etc)