Deutsche Bank appoints new head of Aussie/NZ unit

Wochit 1:09 mins

Deutsche Bank has found a replacement for JT Macfarlane, the CEO of its Australia and New Zealand unit who is stepping down after 25 years with the bank. The U.S. Justice Department said it had filed a civil lawsuit in U.S. District Court in Charlotte, North Carolina, against Bank of America for what government lawyers said was a fraud on investors involving $850 million of residential mortgage-backed securities. European Central Bankl Policymaker Peter Praet says the ECB could plan for more low interest rates, easing bias and cuts if the inflation outlook gets worse. In a high-stakes hearing in Detroit's bankruptcy filing, a judge approved a city plan to form a creditors' committee of retired workers, but gave unions and pension funds that opposed the plan a measure of satisfaction by declaring an independent trustee - and not the city - will select committee members.

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