(14 May 2018 – Europe) Deutsche Bank is making numerous changes to its largest unit as newly appointed CEO Christian Sewing looks to turn around the lossmaking bank.
A shake up to the banks corporate and investment banking division has seen two co-presidents of the unit announced: Ram Nayak, currently head of fixed-income trading, and Mark Fedorcik, head of corporate finance in the US.
Mr Nayak will also take on responsibility for risk and resource management across the bank while Ioannis “John” Pipilis, a former co-head of global credit trading, will take over the management of the global fixed-income business. Mr Fedorcik will continue to run the US corporate finance business.
the changes are consistent with the division’s “new phase” announced in late April in which the unit would “dramatically accelerate the implementation of our cost reduction initiatives, and refocus our resources on our core strengths to boost revenues and profits.”