Turnover hits Deutsche Bank's US mutual fund unit amid outflows

A Deutsche Bank AG logo sits on a sign for an automated teller machine (ATM) in Berlin, Germany.
Krisztian Bocsi | Bloomberg | Getty Images

Deutsche Bank's bid to revive its American wealth management unit hasn't been entirely smooth.

The bank considered selling the business in late 2011 but cancelled the plans in 2012 as Anshu Jain and Jürgen Fitschen become co-chief executives last June. Deutsche Bank also combined the overall asset and wealth management units and put longtime executive Michele Faissola in charge last year as part of the restructuring.

This year, the Frankfurt-based bank has seen turnover of New York-based executives as U.S. capital continues to leave Deutsche Bank's mutual funds, which are branded DWS Investments.

The latest move involves DWS U.S. CEO Michael Woods, who recently departed, according to people familiar with the situation. Woods joined in 2009 as U.S. head of distribution, a business development role.