Waugh has been CEO of the region since April 2000 after joining from Merrill Lynch & Co.
The bank said that Waugh will remain as CEO through the process of selecting a successor, and will continue to serve Deutsche Bank as an adviser.
Deutsche Bank chairman of the management board and the group executive committee Josef Ackermann said Seth has been a critical driver of Deutsche Bank’s impressive development in the Americas as well a cherished advisor to me.
Waugh said the bank is extraordinarily well positioned for continued success and growth and I’m looking forward to being part of this success story in a new capacity.
Deutsche Bank provides financial services to agencies, corporations, governments, private individuals and institutions in the Americas.
