Santini Gets New Job Advising Directors

Deutsche Bank AG's Michael Santini, who co-heads the industrial-company group at the German firm's investment-banking arm, has been promoted to vice chairman of Americas corporate finance, according to a memo viewed by The Wall Street Journal.

In his new role, Mr. Santini will work with executive teams and boards of directors across industries and deliver a range of advice, according to the memo from Mark Fedorcik, Deutsche Bank's Americas corporate- and investment-banking chief.

Mr. Santinialso will work with the bank's private-equity coverage teams, the memo said. A spokeswoman for Deutsche Bank confirmed its contents.

Mr. Santini joined Deutsche Bank in 2009 and since then has helped build its industrial group. He has advised General Electric Co. on the sale of its railcar-leasing business to Wells Fargo & Co. and the purchase of its tank-car fleet and railcar-repair assets by Marmon Holdings Inc.

--Dana Mattioli


GAO Criticizes Fed Over 'Stress Tests'

A congressional auditor found technical faults with the Federal Reserve's annual "stress tests" but avoided sweeping indictments of the program in a widely anticipated report published Tuesday.

The Government Accountability Office said the stress-testing program improved oversight of the banking system but it also said the Fed should better evaluate the tests' impact on credit in the economy, be more transparent about the reasons banks fail the tests, and improve its oversight of the mathematical models used in the program.

The Federal Reserve, in a letter responding to the report, defended the program and said it would consider the recommendations.

--Ryan Tracy


China Online Lender Plans U.S. Launch

A Chinese startup backed by Alibaba Group Holding Ltd. affiliate Ant Financial Services Group is planning an initial public offering in the U.S., people familiar with the matter said.

Beijing Happy Times Technology Development Co., which lets university students pay for online purchases in installments through its Qufenqi loan product, is working with Citigroup Inc., China International Capital Corp., Credit Suisse Group AG and Morgan Stanley on an IPO for as soon as early next year.

--Kane Wu, Alec Macfarlane

(END) Dow Jones Newswires

November 16, 2016 02:48 ET (07:48 GMT)

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