McCaughey out as Deutsche COO after restructure
CUSTODY - Deutsche Bank Global Securities Services has parted company with chief operating officer, Terry McCaughey, only a year after he started in the position.
McCaughey’s departure follows the recent Deutsche restructure that effectively made his position redundant.
A spokesperson at Deutsche, comments: “ I can confirm that Terry McCaughey has left the bank as part of a restructuring exercise.
“ It’s an internal restructuring and there are winners and losers.”
The spokesperson adds that there are no plans to replace McCaughey, who moved to Deutsche last year from Clearstream, rejoining Jürgen Marziniak, formerly of Clearstream who now heads up Deutsche’s Global Securities business.
The restructure in February this year shifted Deutsche’s focus towards two main business divisions.
The first, the “Corporate and Investment Bank” (CIB), combines the group’s activities in sales and trading, corporate finance and transaction banking.
The second “Private Clients and Asset Management’ (PCAM) includes personal and private banking and asset management.