Deutsche Bank just named a new CEO for the US

Deutsche Bank has named Tom Patrick as CEO of the Americas.

Patrick will add the title to his current role as head of equities and co-head of the corporate and investment bank in the Americas, according to a memo to staff from group CEO John Cryan.

"Tom Patrick will join the Board of DB USA Corporation, be appointed CEO of that entity and take on additional responsibilities as CEO of the Americas region, which remains an important source of growth for Deutsche Bank," Cryan said in the memo.

Patrick replaces Bill Woodley, a Deutsche Bank veteran who joined in 1998, who is leaving the bank. The appointment had long been expected.

The US business has been a key focus for Deutsche Bank, with Cryan taking personal responsibility for the US business in March this year. It has since gone on a hiring spree in investment banking in particular, adding more than 15 managing directors in corporate finance.

Deutsche Bank finished the first half ranked eighth globally for investment banking fees, according to Thomson Reuters, with a 3.1% market share.