Ray Key, the global head of metals trading at Deutsche Bank AG, is leaving the bank, according to two people with direct knowledge of the matter.
Key worked in London and is relocating to New Zealand fulltime, according to the people, who asked not to be identified because the information isn’t public.
He joined Deutsche Bank in 2007 from Morgan Stanley, where he was global head of precious metals. Key also worked at Credit Suisse Group AG as a director and global head of precious-metals options and forward trading. Key said he couldn’t comment in response to an e-mail from Bloomberg.
Deutsche Bank was dismissing power and gas traders in the U.S. as part of the 1,900 job cuts announced by Chief Executive Officer Anshu Jain in July, a person briefed on the matter said last month. Commodities chief David Silbert was preparing to leave, the person then said.
Deutsche Bank is a Category 2 member of the London Metal Exchange, which gives it the right to trade electronically and by telephone on the world’s biggest metals marketplace. Key started his career at Bankers Trust in 1995 and took on metals when Deutsche Bank bought Bankers Trust in 1999.
At Deutsche Bank, Key helped develop iron ore swaps in 2008, together with Credit Suisse Group AG. BHP Billiton Ltd., the world’s largest mining company, wanted to end annual supply contracts of the commodity used to make steel.
Total volume of cleared over-the-counter iron ore swaps and options more than doubled last year to 127 million tons, according to The Steel Index, which publishes prices of the commodity.