Deutsche Bank (NYSE:DB) has bolstered its foreign exchange (FX) unit with the appointment of Ryan Poole as the newest addition to its eFX trading desk, Finance Magnates has learned.
Mr. Poole has joined Deutsche Bank’s London FX unit, whose appointment is tendered with immediate effect. His career has been dedicated to the FX and fixed income space, having joined Deutsche Bank from BNP Paribas. While working at BNP Paribas, he worked as the group’s eFX Trader, dating back to 2010.
In this capacity, he worked at the group’s fixed income trading desk, focusing on both FX spot trading and algorithmic auto hedging across emerging markets (EM).
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The hire breaks a chain of negative developments at Deutsche Bank, which has found itself engulfed in a number of debilitating situations over the past couple months. In October, a junior member of Deutsche Bank’s FX sales team mistakenly processed a trade to a hedge fund client worth $6.0 billion.
Additionally, the German lender portended a seismic shift in its operations, which would see a reduction of its global workforce by 9,000 full-time jobs by 2020. This figure had been on top of the approximately 6,000 external contractor positions that were slated to be eliminated as well.
Deutsche Bank also revealed its intention to shed assets in excess of $4.4 billion along with a staggering 20,000 jobs over the next two years. Logistically, these job cuts will see a full exit from no less than ten countries, including Argentina, Chile, Mexico, Uruguay, Peru, Denmark, Finland, Norway, Malta, and New Zealand.