In a statement, Deutsche Bank described Newman's resignation as "amicable." Deutsche Bank didn't specify the financial terms of Mr. Newman's departure, but, as previously reported, people familiar with the matter said it includes $55 million in salary and bonus that he was to have earned over the next five years, as well as possible additional payments that could total as much as $100 million. A Deutsche Bank spokesman said the figure of $100 million was "far too high" but declined to provide a different number. Newman declined to comment onhis severance pay.

"I thought it made sense for me to step aside at this time, and let the continuing management team carry on with the momentum already initiated," Newman said in a statement.

He said in an interview that the integration of the two companies had gone so quickly that "part of my role as originally envisioned that would make me necessary for some period of time wasn't really there."

Newman, who is a director of Dow Jones & Co., publisher of The Wall Street Journal and the Interactive Journal, said he had no immediate plans. Newman negotiated the sale of Bankers Trust to Deutsche Bank after Bankers Trust posted a net loss of $488 million in the third quarter of last year, largely because of losses in emerging markets, including Russia. Deutsche Bank announced the takeover in December 1998, it has said Newman would become co-head of its investment-banking arm, known as Global Corporates & Institutions, with Deutsche Bank's Josef Ackermann. But Newman was never granted the authority to dothe job effectively, according to Deutsche Bank officials. Senior business managers at Deutsche Bank didn't report to him. Neither did Deutsche Bank's head of the Americas region. And Deutsche Bank proved reluctant to nominate Newman for a seat on the bank's management committee.

-- The Wall Street Journal