(Bloomberg) —Deutsche Bank AGs head of global foreign exchange, Ahmet Arinc, is on leave, according to people with knowledge of the situation.
Arinc, who remains an employee of the German bank and also oversees emerging-markets debt, wasnt available for comment when contacted by phone. The lender may replace him with an internal candidate, said the people who didnt elaborate on the reason for his leave, asking not to be identified because the matter is private. A spokesman at Deutsche Bank in London declined to comment.
Deutsche Bank has been shrinking some fixed-income activities and offloading riskier assets amid tougher regulatory scrutiny. Arinc was appointed global head of foreign exchange in late 2014, according to the banks website, before co-Chief Executive Officer John Cryan unveiled a management overhaul and started cutting back the securities business.
The worlds biggest lenders generated $9.5 billion in revenue in 2015 from helping clients buy and sell the worlds most heavily-traded currencies, an increase of 19 percent on the previous year, according to data from Coalition Development Ltd. Deutsche Bank was the worlds second-biggest trader of the products after JPMorgan Chase & Co., the data shows.
Deutsche Bank is the biggest global foreign-exchange trader that hasnt reached a deal with the U.S. Department of Justice to settle allegations that its traders were among those that conspired to rig currency rates. JPMorgan Chase, Citigroup Inc.s Citicorp and four others agreed to pay a total of $5.8 billion and enter guilty pleas in connection with the currency-rigging probe.
