(Bloomberg) — Deutsche Bank AG plans to name Ram Nayak as its global head of fixed income and currency trading division, according to a person familiar with the matter.
Nayak, who is based in London, worked atCredit SuisseGroup AG before joining Deutsche Bank in 2009 as head of global markets structuring. In his new role he will report to Garth Ritchie, who was named last month to lead the global markets unit, said the person, who asked not to be identified because the promotion hasnt been made public. The Wall Street Journal reported earlier that Nayak will get the role.
Ritchie, whose trading business is a key contributor to the banks revenue, is also planning to name Thomas Patrick, who leads equity trading in North America, as head of the global equities business, a person familiar with the matter said earlier this month. Nayak and Patrick both worked at Merrill Lynch, which is now part of Bank of America Corp., earlier in their careers.
Deutsche Banks fixed-income and currency division is likely to be affected in a strategy unveiled last month by new co-Chief Executive Officer John Cryan. The plan calls for thousands of job cuts and an end to operations in 10 countries to reduce costs and improve return on capital. The bank is also suspending its dividend for two years to conserve capital.
Cryan, who took over from Anshu Jain in July, is under pressure to lower costs, boost capital buffers and reverse a share slump that has made Deutsche Bank the worst-valued stock among global lenders. His strategy for the firm includes selling a consumer bank unit and shrinking the investment bank after some investors criticized a similar plan that his predecessor had proposed in April.
