LONDON – Deutsche Bank has chosen a veteran trader in London to serve as the new co-head of its fixed-income trading business.
Richard Herman, head of the bank’s institutional client group since 2008, will become co-head of the fixed-income and currency trading 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 said, referring to fixed income and currencies.
Mr. Herman, who is known as Rich, spent 15 years in trading before heading the institutional business. He will relocate to New York, where he will succeed 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, the memo said.
Mr. Amrolia will remain in London.
Anshu Jain, the co-chief executive of Deutsche Bank, called the fixed-income business a “core franchise” last month.
Deutsche Bank reported a 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.