The news organisation also reports that Ray Key, the global head of metals trading at Deutsche Bank, is leaving the bank, according to two people with direct knowledge of the matter.
Key worked in London and is relocating to New Zealand fulltime, according to the people, who asked not to be identified because the information isn’t public.
Borthwick, a former Goldman Sachs Group Inc executive who joined the bank in 2005, replaces Laura Whitley, who will take a position in consumer banking, according to a memo sent to employees. Commercial banking has been a bright spot for Bank of America, whose profits have been dragged down by mortgage-related losses since the financial crisis.
And Bloomberg reports that Citigroup has named Linos Lekkas as head of investment banking for Central Europe, Middle East and Africa as the third-biggest U.S. bank by assets reorganizes staff amid job cuts.
It’s consistent with 'our objective to deploy our human and financial capital more efficiently', James Bardrick and Manuel Falco, co-heads of banking for Europe, the Middle East and Africa said in a memorandum to employees Monday.
Finally, Reuters reports that Wells Fargo said on Tuesday it hired an HSBC Holdings Plc veteran to lead its banking operations in Europe, the Middle East and Africa as it continues to expand its international operations.
Joe Saffire will be based in London and report to Sanjiv Sanghvi, head of Wells Fargo's global banking group.