Kevin Rodgers became responsible for the operation of Deutsche Bank’s global FX business on July 27, taking the place of long-standing FX head Zar Amrolia, who has become the head of a new unit at the bank called Markets Electronic Trading (MET). The reshuffle is part of a reorganization of the management structure governing Deutsche’s global finance and FX (GFFX) business, creating an executive committee, according to a July 27 internal memo seen by EuromoneyFXNews.
“The GFFX management team will be responsible for our financial goals and will drive our strategy to provide depth in liquidity, excellence in risk management and connectivity across the bank,” says the memo.
Amrolia – who was appointed Deutsche’s global head of FX in 2006 – said in a separate memo released internally within the bank on August 28 that the new MET business will “create market-leading electronic execution platforms that position Deutsche Bank as the leading provider of fixed-income trading solutions in terms of client experience, market share and profitability.”
Deutsche Bank said in the July 27 memo that Rodgers “has been a key innovator in the FX industry and driving force within the business” for some time.
Rodgers’ promotion is part of a larger effort by the bank to “provide clear individual accountability across products and regions”, further strengthening the bank’s ability to respond to client demands, says Deutsche Bank.
The new executive committee for the GFFX business includes Jason Shell, who retains responsibility for head of FX, North America while also assuming responsibility for global client solutions, says the July 27 memo.
Meanwhile, Fredrik Gentzel joins the GFFX executive committee as head of listed derivatives, reporting to Jon Hitchon. Mike Curtler joins the executive committee as head of global finance, UK.
And Bradley Foster will also be on the GFFX executive committee, continuing as global head of the credit products group, global head of asset finance and head of global finance Americas.
David Lynne, Deutsche’s head of global finance and FX, rates and commodities, Asia joins the GFFX executive committee, taking over from Clifford Cheah, who has become chief strategy officer for Asia Pacific.
Joe Randazzo, Russell Lascala, Darren Boulos and Ardalan Gharagozlou will continue as heads of GFFX North America, Japan, Australia/NZ and Europe, respectively.
Kenan Altunis joins the GFFX executive committee as head of global ICG FX.
MET unit
The new MET business will also operate using an executive committee, says Amrolia in the August 28 memo. A COO for the business will be appointed soon, he adds.
Deutsche’s Nehal Shah, formerly global head of institutional FX sales, joins the MET business executive committee, as does Serge Marston, head of electronic commerce sales.