Deutsche Bank has been stuck in a negative news cycle for a while now. Job cuts, poor financial performance, money laundering investigations, and lawsuits have all hampered the German lender. Now, it has reportedly lost its head of foreign exchange (forex) for is Europe, Middle East and Africa (EMEA) business.
According to a report from Financial News, which cites people familiar with the matter, Amedeo Ferri-Ricchi left the German bank in May to join JB Drax Honoré, a derivatives and forex broker as global head of structured products.
At Deutsche Bank, Ferri-Ricchi led a team of around 100 staff until his departure last month. He has worked with the firm since 2005 when he first joined the company in its FX unit. According to his LinkedIn, he has been the head of EMEA FX since he joined 14 years ago
Established in 2004 by Jonathan Glassberg and Benn Shepherd, JB Drax Honoré employs approximately 150 people located in London, the United States, and Asia. The broker is headquartered in London.
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Before he was at Deutsche Bank, Ferri-Ricchi was employed at the London office of Commerzbank AG. Working in the interest rates division, he joined in January of 2004 and left a year later in April of 2005.
According to his LinkedIn, Ferri-Ricchi commenced his career in the financial industry in January of 2000 when he joined Credit Agricole CIB in the company’s FX unit. Here he worked for four years until January 2004.
Deutsche Bank Job Cuts
Ferri-Ricchi has left Deutsche Bank amidst a slew of job cuts, however, the forex unit has been largely spared. This is because the firm’s strategy outlined in 2018 by its CEO Christian Sewing is trying to refocus on the areas it has a market-leading position, which includes FX and transaction banking.
As Finance Magnates reported in December of last year, the German bank shed 30 percent of its Asia division in six months. Specifically, the German banking giant has seen close to 50 bankers depart from its offices in Singapore and Hong Kong in the last half of 2018.