Deutsche Bank Names Arinc Head of Global Foreign ExchangeCecile Gutscher
Deutsche Bank AG named Ahmet Arinc head of global foreign exchange in the first realignment of the business, a month after Richard Herman took over as head of fixed income and currency markets.
Arinc, who already oversees emerging-markets debt, will manage currencies as part of a combination of the two units, according to an internal memo obtained by Bloomberg News. London-based Arinc replaces Kevin Rodgers, who retired in June after 15 years to focus on what the bank said in April were scholarly interests, including academia and music.
David Wayne, previously head of foreign-exchange trading in North America, has been appointed head of currency trading reporting to Arinc. Sam Wisnia was named head of rates trading in Europe, reporting to Herman. Wisnia was hired in November from DMC Partners, where he was managing partner and co-founder, according to the memo.
The world’s biggest banks are overhauling how they trade currencies to regain the trust of customers and preempt regulators’ efforts to force changes on an industry tarnished by allegations of manipulation. Frankfurt-based Deutsche Bank is one of the world’s five biggest currency traders accounting for 43 percent of the largely unregulated $5.3 trillion-a-day market.
Deutsche Bank and UBS Group AG have the biggest market shares of in foreign exchange services, followed by Citigroup Inc. and Barclays Plc, according to a survey by Greenwich Associates.
“Combining EM Debt and FX under one head will allow us to benefit from the significant growth opportunities in EM FX products, as well as streamline and simplify our front-to-back systems and operations across the two businesses,” according to the memo.
Amanda Williams, a spokeswoman for Deutsche Bank in New York, declined to comment.