Deutsche Bank, Germany’s biggest lender, is planning to appoint Ram Nayak as global head of its fixed-income and foreign exchange trading division. Mr. Nayak is currently at the helm of the bank’s global market structuring business. This information comes from people familiar with the plans, who talked to the Wall Street Journal and Bloomberg. The information has not yet been puvlicly confirmed by Deutsche Bank.
Major overhaul in progress
The move is part of an overhaul that the troubled bank recently embarked on in a bid to improve its performance, focused on cutting costs and boosting returns in a new market environment.
The bank aims to become leaner and more efficient in order to improve returns
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Among its plans are 35,000 job cuts globally, in addition to a major restructuring of its investment banking division, as well as closing shop in as many as ten countries.
A series of executive moves
The overhaul also involves a series of executive moves, among them the appointment of Jeff Urwin, currently co-head of the bank’s Corporate Banking and Securities business, to the Deutsche Bank’s Management Board, where he will be in charge of corporate and investment banking, effective at the start of next year. Another member of the board, the head of Global Transaction Banking (GTB) Stefan Krause, stepped down at the end of October.
Neither Deutsche Bank nor Mr. Nayak have confirmed the information but if he does head Deutsche’s fixed-income and foreign exchange operations, Mr. Nayak will be reporting directly to Garth Ritchie, the bank’s head of global markets. Before he landed his gig at the German lender in 2009, Mr. Nayak worked for Credit Suisse.