Deutsche Bank has lost its global head of fixed income, Ioannis “John” Pipilis, slightly more than a week after the German bank revealed that it was restructuring its bond-trading business.
The move was reported by Financial News London. According to a person familiar with the matter, Pipilis was expected to leave and has come to an agreement with the German lender.
The restructuring at Deutsche Bank saw control of the firm’s bond-trading business given back to Ram Nayak, who in May 2018 was promoted to co-president of corporate and investment banking.
As Finance Magnates reported, earlier this month the company announced that it was going to execute another brisk restructuring of its operations, this time cutting close to 18,000 jobs.
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Specifically, Deutsche Bank said in a statement that it plans to reduce the amount of capital used by its Fixed-Income Sales & Trading business, in particular, Rates. As a result, the bulk of the job cuts are from the equities and fixed income units.
The restructuring comes on the back of years of struggling for the lender to retain profitability. In order to offset this, the bank has continued to reduce the activity at its investment bank. Deutsche Bank says the cuts will save it $8.3 billion a year.
The company’s foreign exchange (forex) prime brokerage business, however, is instead set for a boost.
Pipilis joined Deutsche Bank in 2000
Pipilis has been a veteran with the bank, having spent almost two decades there. Back in 2000, Pipilis joined Deutsche Bank and was promoted to the position of global head of credit structuring in 2007.
In 2015, he was appointed at the global co-head of credit, alongside Chetankumar Shah. According to a previous report from eFinancialCareers, Pipilis was known to be the more powerful of the two.