Deutsche Bank has promoted a number of senior managers within its Global Markets and Global Equities teams following the appointments of Edson Mitchell and Michael Philipp, previously the respective heads of Global Markets and Global Equities, to the group’s Board of Managing Directors.
Under the new structure, both the Global Markets and Global Equities units report to Mitchell, but will continue to be managed as separate businesses within Deutsche Bank’s Global Corporates and Institutions (GCI) division, so each unit will continue to have its own P&L and management structures.
Deutsche says there may be a degree of consolidation between the two businesses. For example, the bank is consolidating the financing, e-business and chief operating officer roles.
“Over the past five years, Global Markets and Global Equities have developed highly successful business models and the current management teams have proven themselves among the best in the industry. The changes…are designed to ensure that the day-to-day management of each individual business in the two units remains the responsibility of those who have built our franchise and proved themselves as successful leaders,” says Mitchell.
Within Global Markets, Anshu Jain will assume overall responsibility for OTC derivatives, global credit derivatives and emerging markets. These businesses are in addition to his continuing role as head of the Institutional Client Group. Pablo Calderini will retain day-to-day responsibility for emerging markets and global credit derivatives, reporting to Jain.
Saman Majd, previously head of OTC derivatives, credit derivatives and government bonds, is moving to Deutsche Asset Management.
Hal Herron, global head of foreign exchange, will assume regional responsibility for Global Markets in Europe (ex Germany) in addition to his FX role.
Within Global Equities, Kevin Parker will be responsible for global cash equity sales and trading, as well as equity research. Greg Albiez, head of equity arbitrage, will report to Parker. Ralph Reynolds and Rick Goldsmith will be co-heads of global equity derivatives.
Meanwhile, a new business will be created, Global Finance, which will consist of the existing money market/repo and equity finance businesses. Charles von Arentschildt, who retains his global responsibilities for commodities and securitisation, will take charge of Global Finance. Mario Pierro will continue to have day-to-day responsibility for the global money market/repo business. Mark Gelnaw, previously head of equity finance, has moved to Deutsche Asset Management.
Mark Yallop has been named chief operating officer of both Global Markets and Global Equities (he was previously head of GCI’s IT/Ops and COO for Global Markets). Mark Cullen will continue as COO for Global Equities, reporting to Yallop and Parker
Yallop will also assume product responsibility for structured transactions and for Global Markets research. Ivor Dunbar and Stuart Bray will retain day-to-day responsibility for structured transactions and David Folkerts-Landau will continue to run Global Markets research day-to-day.
Puru Voruganti, head of analytics for Global Markets, will also report to Yallop.
Additionally, Yallop will be responsible for the exchange services business in both Global Markets and Global Equities and for the market risk functions being transferred from group treasury. Paul Lewis, current head of exchange services, will continue to manage the business on a day-to-day basis. Paul Bigler, group treasurer in London, will assume day-to-day responsibility for the ex-treasury market risk books, as well as continue to direct the bank’s Islamic finance initiative. Both Lewis and Bigler will report to Yallop.
Seth Waugh will be regional head for Global Markets and Global Equities for the Americas. David DiPietro will remain as head of equities in North America, reporting to Waugh in a regional capacity and to Parker on a product basis.
John McFarlane will assume regional responsibility for the two units in Asia-Pacific in addition to his role as country head of Deutsche Bank in Japan.
Martin Loat, head of GCI’s e-business with a specific focus on Global Markets, will assume responsibility for e-business over both units. Michael Gibb, head of e-business in Global Equities will report to Loat.