More Deutsche Turmoil: “Chip” Packard Out as U.S. Wealth Boss
Charles “Chip” Packard, who recently consolidated power as head of Deutsche Bank’s dwindling Wealth Management business in the Americas, resigned on Friday.
Bank officials would not comment, but a person answering Packard’s phone confirmed that he is leaving. Packard will remain with the bank in New York until early March, at which time Haig Ariyan will become interim head, a second well-placed source said.
Packard did not respond to a call seeking comment on his plans.
Ariyan had been co-head of the German banking giant’s wealth management business, focusing on its broker-dealer unit while Packard steered its traditional private bankers. The changes further complicate a massive restructuring at the German banking giant, which late last year agreed to sell Ariyan’s brokerage unit to Raymond James Financial.
Deutsche Bank officials continue to say they are committing to operating a private banking/wealth management business in the Americas, which they have repeatedly called a “key geographic region.” Ariyan, however, is scurrying to recruit his unit’s more than 150 brokers to join Raymond James as part of a new division that will be marketed under the Alex Brown name.
Florida-based RayJay has already said Deutsche got into the U.S. wealth business by purchasing BT Alex. Brown in 1999.
“The real question is what’s going to happen to the private bank at Deutsche Bank U.S.,” said a headhunter familiar with the bank. “With big changes in the brokerage unit and the stock getting creamed, you can expect some sort of change.”
Deutsche employs about 80 to 100 traditional private bankers in the U.S., according to a former DB Amerias broker. Despite slow growth, the unit had recruited some big names in recent years from JP Morgan Chase’s private bank, among other rivals.
In an interview with Reuters in 2014, Ariyan said Deutsche Bank employed around 300 brokers and bankers in the Americas.
Packard joined Deutsche Bank in 2006 from Credit Suisse, where he worked in equity capital markets and private banking, and became cohead of Deutsche’s US Private Bank in 2009. Ariyan yielded his cohead title last month in the wake of the Raymond James announcement, at which time Packard was designated sole head of Wealth Management Americas.
Packard and Ariyan report to Jerry W. Miller, head of Asset and Wealth Management Americas.