Bloomberg News

Deutsche Bank Said Naming Kitchen, Jefferson for Commodities

January 30, 2013

Deutsche Bank AG (DBK) named Louise Kitchen and Richard Jefferson as co-heads of commodities, according to a person with direct knowledge of the matter.

Both are based in London and are replacing David Silbert, said the person, who asked not to be identified because the information hasn’t been announced yet.

Kitchen was previously global head of commodities structuring and sales and Jefferson was head of commodity sales, the person said. They report to Jeff Mayer, head of corporate banking and securities for North America, the person said.

Deutsche Bank, Europe’s biggest bank by assets, will probably post a loss in the fourth quarter as restructuring aimed at boosting profitability and financial strength contributed to a surge in costs. The bank may report a loss of 210 million euros ($282 million) after a year-earlier 147 million-euro profit when it releases results tomorrow, according to the average estimate of nine analysts surveyed by Bloomberg.

The Frankfurt-based bank was dismissing power and gas traders in the U.S. as part of the 1,900 job cuts announced by Chief Executive OfficerAnshu Jain in July, a person briefed on the matter said last month. Silbert was preparing to leave, the person then said.

To contact the reporters on this story: Agnieszka Troszkiewicz in London at atroszkiewic@bloomberg.net; Maria Kolesnikova in London at mkolesnikova@bloomberg.net

To contact the editor responsible for this story: Claudia Carpenter at ccarpenter2@bloomberg.net


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