Smooth NZ team wows Deutsche Bank

There has already been a change of guard at the helm of Deutsche Bank. Just two months after the bank formally took over Bankers Trust, its chief executive, John MacFarlane, has been promoted to run Deutsche Bank's Japan operation.

Taking his place in New Zealand is his deputy Scott Perkins.

Mr MacFarlane said he was only approached six weeks ago for the job in Japan, which was one of the fastest growing parts of the bank's operation.

While he had not sought the job, he said it was a "great opportunity".

He credited his appointment to the New Zealand team. "The Deutsche Bank people were impressed with the New Zealand operation."

Mr MacFarlane, who takes up his new position next month, said he and Mr Perkins had worked closely. It would be a seamless transition.

Deutsche Bank saw New Zealand as an important market and it was committed to keeping a full service investment house here. It currently employs 130 staff.

Mr Perkins said he would still remain head of investment banking.

Lindsay Wright would be promoted from chief financial operator to chief operating officer.