Deutsche Bank AG (DBK), Germany’s biggest bank, is combining its fixed-income and foreign-exchange businesses to be overseen by Zar Amrolia and Wayne Felson.
The unit will be called fixed income and currencies and the plan was announced in a memo to staff on Nov. 16, according to a spokeswoman for the bank in London.
Deutsche Bank is firing staff and reviewing businesses as Europe’s sovereign-debt crisis curbs trading and rising capital demands weigh on profitability. The fixed-income business, which has traditionally been the bank’s biggest revenue contributor, will be a “drag” on return-on-equity under the latest round of capital requirements by the Basel Committee on Banking Supervision, co-Chief Executive Officer Anshu Jain has said.
Amrolia, 49, currently heads global foreign exchange while Felson, 41, runs rates and credit trading. Financial News reported their appointments earlier today.
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