Niru Raveendran, head of credit trading for central and eastern Europe at Deutsche Bank, is reportedly leaving the German lender, marking yet another casualty of one of the embattled banking group’s largest rounds of layoffs since the financial crisis.
Raveendran helped run the desk for over four years, during which he was a rising star after he led fixed-income traders to generate $35 million profit in two weeks during economic turmoil in Turkey.
Raveendran’s LinkedIn profile shows he previously worked as a flow credit trader at JPMorgan Chase & Co and BNP Paribas SA, gaining experience in investment-grade, high-yield, and crossover credit.
According to Efinancialcareers, the latest exodus also includes two emerging markets rates traders, Dimitri Rigopoulos and Matt Oxley, as well as Divya Goel, a director in emerging markets FX sales. It represents the newest wave of several rounds of layoffs at Deutsche Bank, which announced in July that it would pull out of global equities sales and cut 19,000 jobs, with nearly 1000 workers already gone.
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Tough cutbacks set to bite
The bank also faces pressure from investors to push ahead with further cost cuts this year and pull out of businesses where it isn’t profitable, especially after the collapse of merger talks with Commerzbank.
The news came as Germany’s largest lender is talking with potential buyers for a wide range of its assets amid wider cuts at its US equities business, including prime brokerage and equity derivatives, part of its most dramatic overhaul in recent history.
Job cuts could hit one out of every six full-time positions globally and may extend into 2020. Although formal numbers have yet to be announced, the German lender may eliminate as many as 15,000 to 20,000 jobs.
Deutsche Bank’s investment-banking chief Garth Ritchie, who was the highest-paid banker at the German lender in 2018, also agreed to quit the embattled banking group after more than 23 years.
The 51-year-old South African banker originally joined the bank in 1996 and ran securities trading globally before he was promoted to become the sole head of the corporate and investment business since 2018.