Deutsche Bank Americas Chief Executive Seth Waugh will leave his post for personal reasons, according to the global investment bank.
Waugh, CEO since April 2000, will stay on until Deutsche Bank appoints a successor.
A Deutsche Bank (DB) spokesman said Waugh, 53, discussed exiting the CEO role with other company executives for about a year. He’ll remain with the bank as an adviser.
“I am incredibly fortunate to have worked with so many outstanding people over the past dozen years here at Deutsche Bank,” Waugh said in a statement. “The bank is extraordinarily well-positioned for continued success and growth and I’m looking forward to being part of this success story.”
Deutsche Bank draws scrutiny — and litigation — for its role in the housing crisis. An ongoing federal suit against 17 banks seeks damages, including $14.2 billion from Deutsche Bank, for soured mortgage-backed securities sold to Fannie Mae and Freddie Mac.
A judge threw out two suits against Deutsche Bank regarding residential mortgage-backed securities in early February, while another federal case continues over loans backed by the Federal Housing Administration.
The bank settled for $145 million with the National Credit Union Administration last fall over RMBS losses at five failed credit unions.
