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Deutsche to oust BT boss?
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June 25, 1999: 9:25 a.m. ET
Report: former Bankers Trust chief Newman to leave following merger
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LONDON (CNNfn) - Former Bankers Trust boss Frank Newman has been left out in the cold by Deutsche Bank following the $9 billion takeover of the U.S. group, according to a press report Friday, and he is expected to step down from the merged company.
If he does depart, Newman will be the biggest casualty of the takeover by Deutsche, which was completed earlier this month. Several other senior BT people have already gone, including Dick Daniel, BT's former chief financial officer.
The Wall Street Journal, citing people familiar with the matter, reported Friday that Newman had a meeting Thursday with Deutsche boss Rolf Breuer to clarify his position. The newspaper said an announcement is expected in the next few days.
$100 million in pocket
Even if Newman leaves the bank entirely, he will not go empty-handed. The Journal reported he will keep a promised financial package of as much as $100 million.
After Deutsche's takeover, Newman was appointed joint head of the new group's investment banking unit, but apparently was granted little authority. Under the terms of his contract he is due to be appointed to Deutsche's management committee, the equivalent of the board of directors. However, the newspaper reported that Deutsche executives are reluctant to push Newman for the top committee.
Deutsche officials could not immediately be reached for comment.
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Deutsche Bank
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