Deutsche Bank’s Head of Global FX trading, Ahmet Arinc, is said to be on leave according to sources with knowledge of the matter cited by Bloomberg. The German lender is likely to look for an internal candidate to fill the role. A Deutsche Bank spokesperson declined to comment on the matter.
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Arinc is rumored to be remaining as an employee of the bank. Aside from his top foreign exchange desk role, he was also Global Head of EM Trading (Central and Eastern Europe, Middle East and Africa, Latin America).
With his appointment to the foreign exchange desk he has not been relieved from his duties related to the EM business. In addition, Arinc has been appointed to manage one of the company’s toughest businesses in 2013 – European Credit and Rates Trading.
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Deutsche Bank has been all over the wires in the beginning of 2016 as the lender reported massive losses in fiscal 2015 which have pushed its share prices to the levels lower than at the height of the financial stocks meltdown in 2008-2009.
The biggest German lender incurred losses to the tune of €6.8 billion last year, prompting the CEO of the company John Cryan to announce a set of cost cutting efforts, which are likely to gradually transform the lender’s key businesses.
Top banking executives are frequently taking their annual leave days before they part ways with their employer. Deutsche Bank’s shares have plummeted over 45 per cent of their value over the past year. The bulk of compensation for top executives includes funds that are tied to the value of the shares of the company.
As of the end of 2015, the bank has over 101,000 employees, which is the highest level since 2011.