Chief Steps Down at Alex. Brown

The New York Times
September 15, 2001

London, Sept. 14 (Bloomberg News) - Deutsche bank A.G., Europe's largest bank, said Mayo Shattuck III quit as head of its United States security unit, Alex. Brown.

Mr. Shattuck's duties will be taken over by Tom Hughes, the recently named chief executive of PCAM North America, Deutsche Bank's private-banking and asset-management unit in the United States.

Mr. Shattuck, 46, who worked for Alex. Brown for 16 years, was made co-head of investment banking in January, overseeing Deutsche Bank's 400 brokers who cater to wealthy clients.

With Yves de Balmann, he helped manage the bank's corporate finance business after Deutsche Bank bought the Bankers Trust Corporation in 1999. Mr. De balmann stepped down in February.

Mr. Shattuck and Mr. de Balmann were vice chairmen of Bankers Trust and co-chairmen and co-chief executives of BT Alex. Brown after those two banks merged in 1997.


Copyright 2001 The New York Times Company

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