Deutsche Bank’s Foreign-Exchange Chief Rodgers to Retire
Deutsche Bank AG’s global head of foreign exchange, Kevin Rodgers, will retire after 15 years at the firm to focus on scholarly interests as banks’ currency businesses contend with mounting turmoil.
Rodgers made “a personal decision to retire from the industry to pursue other ambitions including academia and music,” Renee Calabro, a spokeswoman for the company in New York, said in an e-mailed statement. Rodgers, 52, told the Frankfurt-based lender of his plans earlier this year and will leave in June, she said. He is based in London.
A widening probe of the foreign-exchange market is roiling an industry already under pressure to shrink costs. At least a dozen regulators around the globe are investigating allegations that traders colluded to rig benchmarks in the $5.3 trillion-a-day currency market. That’s boosting demand from clients for greater transparency in pricing and transaction fees, accelerating a longer-term shift in trading onto electronic platforms.
Rodgers’s retirement wasn’t prompted by the probes, according to a person briefed on his plans who asked not to be identified without authorization to discuss the matter publicly. Deutsche Bank has said it’s cooperating with regulators on manipulation inquiries.
Rodgers declined to elaborate on his decision when reached by e-mail. He joined the bank in 1999 and has held roles that included leading energy trading globally and overseeing complex risk for commodities and foreign-exchange. He previously worked at Bankers Trust Corp., which Deutsche Bank acquired.
The Wall Street Journal reported his decision earlier today.
To contact the editors responsible for this story: Peter Eichenbaum at email@example.com David Scheer, Steven Crabill