After a loyal set of 15 years of service, the global head of FX at Deutsche Bank, Kevin Rodgers has announced that he will be retiring to concentrate his efforts on his scholarly interests and hobbies according to a statement issued by the biggest German bank.
With the banking foreign exchange trading environment in dire straits after the launch of a formal investigation by the FCA on FX fixing methodologies, Bloomberg reports that according to an emailed statement sent by Deutsche Bank, Mr. Rodgers has come to “a personal decision to retire from the industry to pursue other ambitions including academia and music.”
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With the foreign exchange probe rolling heads across the industry, it seems like a good time for successful executives to retire from this business. While challenging times are ahead for most of the banks participating and involved in the probe, Mr. Rodgers might still keep in contact with regulatory authorities which are continuing their investigation of the FX fixing scandal.
Rapidly developing technologies for FX divisions at major banks to become fully automated are changing the business model of banking forex business fast, so an experienced executive at the prime of his career can afford to leave his prestigious position, despite the ongoing deep investigations as to how exactly dealings were conducted at major FX desks. Similar moves are certain to be closely monitored by the dozen of regulators involved in the FX probe as suspicions are raised across the industry.
Deutsche Bank has reiterated repeatedly that it is fully cooperating with authorities in relation to the ongoing investigations.