LONDON - Deutsche Bank has chosen a veteran trader in London to serve as the new co-head of its fixed-income trading business.
Rich Herman, the head of the bank’s institutional client group since 2008, will become co-head of the fixed income and currencies business alongside Zar Amrolia, according to an internal memorandum reviewed by DealBook.
“He will work closely with Zar to steer the FIC business through the new competitive and regulatory environment, bringing his wealth of experience with clients to the FIC franchise,†the memo says.
Mr. Herman, who spent 15 years in trading prior to heading the institutional business, will relocate to New York, while Mr. Amrolia will remain in London.
He will replace Wayne Felson, who will focus on risk, capital, leverage and technology issues as a member of the bank’s executive committee for its corporate banking and securities business, according to the memo.
Anshu Jain, the co-chief executive of Deutsche Bank, called the fixed income business a “core franchise†last month.
The German lender reported a surprise fourth-quarter loss of 965 million euros, or about $1.3 billion, last month. A drop in bond trading in the fourth quarter contributed to a 16 percent decline in its revenue.
