Deutsche Bank restructures fixed-income trading
(19 August 2015 – Germany) Deutsche Bank AG is set to shuffle its fixed-income trading division lead by Michael Ormaechea, a senior executive for the Asia division.
An executive committee overseeing the business will reorganise the division with its products and services being divided into six main groups.
The fixed-income division’s future has faced questions after co-chief executive Anshu Jain, who rose through debt trading, left in June to be replaced by John Cryan.
Revenue from fixed-income trading and currencies jumped 12 percent to €4.75 billion (A$7.13 billion) in the first half of 2015.
Co-head of corporate banking and securities Colin Fan wrote in a memo regarding the reorganisation that the new governance structure will ensure clear accountability within each product, allow greater efficiency and operational excellence across products.
Ahmet Arinc will continue to lead foreign exchange, while Tom Hartnett and Sam Wisnia keep their roles leading rates trading, according to the memo.
Tom Humphrey will serve as interim head of flow credit and distressed products.
All four, as well as Ormaechea, will report to Fan.
Joe Randazzo will lead global liquidity management, and Michelle Neal will oversee listed derivatives and clearing as well as fixed-income market structure.
David Lynne is leading the division in the Asia-Pacific region, according to the memo.
The six product groups will have their own panels tracking risks, revenue and financial resources.
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