Bloomberg – by Nicolas Comfort and Donal Griffin
Deutsche Bank AG’s head of foreign exchange and emerging market debt trading, Ahmet Arinc, is leaving the company, according to a memo to staff.
David Wayne and Sean Bates will continue in their respective roles as head of currency trading and head of emerging market debt trading, reporting directly to Ram Nayak, the London-based head of debt trading, according to the memo seen by Bloomberg. A spokesman for Frankfurt-based Deutsche Bank confirmed the memo’s contents and declined to comment further.
Deutsche Bank Chief Executive Officer John Cryan has been curbing some fixed-income activities and offloading riskier assets amid tougher regulatory scrutiny. Arinc, who joined the lender in 1998, was appointed global head of foreign exchange in 2014, a year before Cryan overhauled management and widened cuts to the securities business.
Bloomberg reported in April that Arinc was on leave. His authorization with the Financial Conduct Authority expired in March, records from the U.K. regulator show. The Wall Street Journal reported the departure earlier Wednesday.
Deutsche Bank is the biggest global foreign-exchange trader that hasn’t reached a deal with the U.S. Department of Justice to settle allegations that its traders were among those that conspired to rig currency rates. JPMorgan Chase & Co., Citigroup Inc.’s Citicorp and four others agreed to pay a total of $5.8 billion and enter guilty pleas in connection with the currency-rigging probe.
The world’s biggest lenders generated $9.5 billion in revenue in 2015 from helping clients buy and sell the most heavily traded currencies, an increase of 19 percent on the previous year, according to data from Coalition Development Ltd. Deutsche Bank was the world’s second-biggest trader of the products after JPMorgan, the data shows.
Where ya been, Hal? Haven’t seen you much lately.