February 27, 2012

Seth Waugh to Step Down as CEO of Deutsche Bank Americas

Deutsche Bank announced today that Seth Waugh has decided to step down as CEO of Deutsche Bank Americas.

A successor will be identified in due course. Seth Waugh will remain as CEO through the selection and transition process. He will then continue to serve the bank in an advisory capacity.

Seth Waugh has been CEO of the region since April 2000, over which time the Americas operations have seen tremendous growth and development.

Dr. Josef Ackermann, Chairman of the Management Board and the Group Executive Committee of Deutsche Bank, said, "Seth has been a critical driver of Deutsche Bank's impressive development in the Americas as well a cherished advisor to me. Our clients have the highest regard for him and therefore we are delighted that he will continue to work with us in the region."

Seth Waugh said, "I am incredibly fortunate to have worked with so many outstanding people over the past dozen years here at Deutsche Bank and I am very proud of what we have achieved in the Americas. The bank is extraordinarily well positioned for continued success and growth and I’m looking forward to being part of this success story in a new capacity."

For further information, please call:

Deutsche Bank AG
Press & Media Relations

Francis J. Kelly    
Phone: +1 (212) 250 7253
E-mail: francis.j.kelly@db.com   

Duncan King
Phone: +1 (212) 250 4864 
E-mail: duncan.king@db.com

About Deutsche Bank

Deutsche Bank is a leading global investment bank with a substantial private clients franchise. Its businesses are mutually reinforcing. A leader in Germany and Europe, the bank is continuously growing in North America, Asia and key emerging markets. With more than 100,000 employees in 72 countries, Deutsche Bank offers unparalleled financial services throughout the world. The bank competes to be the leading global provider of financial solutions, creating lasting value for its clients, shareholders, people and the communities in which it operates.

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