NEW YORK (Reuters) -Deutsche Bank AG appointed Michael Heaney, a retired Morgan Stanley (NYSE:MS) executive, as chairman of its U.S. arm, the German bank said on Thursday.
Heaney had a three-decade career at Morgan Stanley, ultimately rising to become its global co-head of fixed income sales and trading while serving on its management committee.
The executive also chaired the U.S. Securities and Exchange Commission’s Fixed Income Market Structure Advisory Committee and was lead independent director at TP ICAP (LON:NXGN), the world’s largest inter-dealer broker.
The change is effective immediately. Heaney succeeds Ed Kangas, who had been in the role since 2016.
“Michael’s extensive experience and expertise in fixed income and risk management will be an enormous benefit as we navigate a volatile economic and financial market environment,” Christian Sewing, Deutsche Bank (ETR:DBKGn)’s chief executive, said in the statement.