Deutsche Bank has a key vacancy to fill following the abrupt departure of Rich Herman, its Head of Fixed Income and Currencies (FIC), according to a Reuters report. While citing a desire to pursue travel and opportunities outside the industry,the decision comes as particularly surprising, given his elevation to head of FIC just six months prior.
Herman’s departure occurs as the FIC unit at Deutsche Bank managed through a period of volatility following Swiss National Bank’s decision to remove its price floor on the EURCHF exchange rate in January. Following that period, the bank had been reported to have absorbed a large single day loss during the SNB triggered move. In addition, the firm’s FX prime services division took a hit as many customers were wiped out by the move in the franc. While it hasn’t been made public whether Herman’s departure is in part due to the aftershocks of the SNB volatility, other banks have been reevaluating their FIC divisions which has caused turnover of positions in the industry.
In the interim, Tom Humphrey will assume the role of Head of Credit, whilst taking over the responsibility afforded by FIC’s regulatory, central and Americas region functions. Furthermore, Mr. Humphrey will remain entrenched in his current role as Head of the Investment Bank – Americas.
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Mr. Herman was tapped as the global co-Head of FIC, together with Deutsche Bank’s Zar Amrolia in February 2014. This past November, Mr. Amrolia relinquished his role making Herman the sole head of FIC.
According to Mr. Herman in a recent memo on the departure from Deutsche Bank, “Over those 20 years I have had a fabulous time working across trading, structuring, and sales in London, New York and Tokyo. I have met and worked with so many intelligent, funny, capable people. I have been truly blessed.”
“However, I’ve decided that it’s time for me to move on. My family and I have given it a lot of thought, and we feel that now is a good time for me to go in a different direction. There are a lot of things I still want to accomplish outside of finance, and I’m very excited to embark upon them. But for a short period of time at least, to quote Samuel Jackson in Pulp Fiction, I’m going to ‘walk the Earth’,” he added.