* Broeksmit was key ally of co-CEO Anshu Jain
* U.S. national played lead role in Deutsche deleveraging
* German regulator rejected appointment to top risk job
By Belinda Goldsmith and Thomas Atkins
LONDON/FRANKFURT, Jan 28 William Broeksmit, a
former senior manager at Deutsche Bank with close
ties to co-Chief Executive Anshu Jain, has been found dead at
his home in London in what appears to have been a suicide.
Jain and the bank's other co-CEO Juergen Fitschen announced
Broeksmit's death in an internal mail to Deutsche Bank
When asked about the death, London's Metropolitan Police
issued a statement saying a 58-year-old man had been found
hanging at a house in South Kensington on Sunday afternoon and
been pronounced dead at the scene. Police declared the death
Broeksmit, a U.S. national, was an instrumental founder of
Deutsche's investment bank and one many bankers, including Jain,
who joined Germany's flagship lender from Merrill Lynch in the
1990s, when Deutsche launched plans to compete on Wall Street.
Broeksmit was also a principal actor in Deutsche's efforts
to unwind its riskier positions and to reduce the size of its
balance sheet in the wake of the global financial crisis.
His death comes at an uncomfortable juncture for Jain and
Fitschen, whose reign has been dogged by poor results and legal
troubles since they took over from Josef Ackermann in 2012.
"He was a dear friend and colleague to many of us who
benefitted from his intellect and wisdom," Jain and Fitschen
said in the internal email on Broeksmit, a copy of which was
obtained by Reuters. A spokesman for the bank declined to
The two CEOs are expected to defend their reform record at
the bank's annual news conference on Wednesday. Last week, they
revealed that litigation and restructuring costs had pushed
Deutsche to a surprise loss in the fourth quarter of 2013.
Broeksmit, who worked as head of risk and capital
optimisation, was viewed as one of Jain's closest allies and a
key player in the bank's attempts to recover following the
Jain sought to have Broeksmit join the management board as
head of risk management in 2012. But in a major setback for both
men, German regulator Bafin blocked the appointment, saying
Broeksmit lacked experience leading large teams.
Bafin was not immediately available for comment. The
Bundesbank, which also oversees Deutsche, declined to comment.
Broeksmit worked alongside Jain at Merrill Lynch before
joining Deutsche in 1996 as part of group of roughly 100 bankers
who, alongside Edson Mitchell, formed the core of Deutsche's new
investment banking business.
Mitchell, one the bank's most powerful executives, died in a
plane crash in 2000.
Broeksmit left Deutsche in 2001 but rejoined in 2008 as
Deutsche and other investment banks struggled during the
financial crisis. He filled senior roles and reported to Colin
Fan, head of markets and co-head of corporate banking and
securities. Broeksmit retired from Deutsche in February 2013.
"He was considered by many of his peers to be among the
finest minds in the fields of risk and capital management," the
internal email said.
After handing over the reins to Jain and Fitschen in 2012,
Ackermann became chairman of Zurich Insurance. But he resigned
last year when the Swiss insurer's finance chief Pierre Wauthier
killed himself and blamed Ackermann in a suicide note.