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Banks around the world, including Deutsche Bank, are taking a harder line on pay and are axing jobs as they come to grips with high costs and tougher rules that have made them less profitable than in the past.RALPH ORLOWSKI/Reuters

Paul Jurist, the long time Canadian head for Deutsche Bank AG, is stepping down after 12 years on the job.

Mr. Jurist will be replaced by Scott Lampard, the German bank said in a statement. Mr. Lampard joined the firm three years ago, and has been running the markets business. Previously, he worked at Bank of America Merrill Lynch and JP Morgan.

He will keep his title as head of markets.

The well-regarded Mr. Jurist had been with the bank 15 years, the last dozen as country head. Over that time Deutsche Bank has had a steady, if low profile presence in Canadian capital markets. While some other international firms have gone big then gone home, Deutsche Bank has run a consistent operation.