Richard Herman, 44, who became co-head this year, will oversee the business, said the person, who requested anonymity because the decision hasn’t been publicly disclosed. Amrolia, 51, who was based in London and had run fixed-income and currencies trading since the group was created two years ago, will be offered a new position at the bank, the person said.
Deutsche Bank’s fixed-income trading revenue fell 2 percent to 5.69 billion euros ($7.1 billion) in the first nine months of 2014. The Frankfurt-based lender had the third-highest revenue from that business among the biggest banks this year, after falling to
fourth last year. Co-Chief Executive Officer Anshu Jain has said he’s committed to fixed income while some competitors pull back.
The bank last week replaced its finance and legal chiefs as mounting litigation expenses wiped out quarterly profit. It has yet to resolve probes into its role in industrywide attempts to manipulate benchmark interest rates and currency markets, and also faces lawsuits alleging it failed to make adequate disclosure of U.S. mortgage-backed securities.
Anshu Jain, Co-Chief Executive Officer of Deutsche Bank AG, has said he’s committed to... Read More
Amrolia was named Deutsche Bank’s head of foreign exchange in 2006 and became co-head of fixed income and currencies when the two businesses were merged six years later. Amrolia started at the German lender in 1995 before leaving in 2000 for Goldman Sachs Group Inc., where he was co-head of foreign exchange. He returned to Deutsche Bank in 2004.
Amrolia didn’t return a call to his mobile phone seeking comment. Amanda Williams, a spokeswoman for the bank in New York, declined to comment.
(An earlier version of this story was corrected to fix the year when Amrolia started at Deutsche Bank.)
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