Brand, 52, has been at Germany’s largest bank since 1999, joining in New York. Most recently, he has been the global head of investment banking coverage and advisory in its corporate banking and securities division.

The bank pointed out that under his watch, Deutsche Bank’s corporate finance market share in the US increased by 75 per cent since 2008 (source: Dealogic). Among other roles, Brand is chairman of the board of the American Institute of Contemporary German Studies affiliated with Johns Hopkins University. He is also a board member of The Deutsche Bank Americas Foundation and The Jewish Museum in New York.

As part of the change, Waugh will join Deutsche Bank’s Americas advisory board and become a senior advisor to the bank and its clients.

Meanwhile, Deutsche Bank also announced that it has appointed Bill Woodley, 46, as deputy CEO of North America, a newly created position, the bank said. Woodley joined the firm in 1998 and most recently has been global chief operating officer of the regional management division, a position that he will retain. Woodley previously served in a variety of roles at the bank, including as COO of Asia Pacific.

In 2011, the Americas region of Deutsche Bank contributed 18 per cent of total net revenues.