Deutsche Bank is the world’s largest forex trading bank
According to Reuters, Deutsche Bank’s global head of forex trading will leave in June, Germany’s biggest lender and FX trading bank said on Monday, confirming a report in Handelsblatt newspaper.
“Kevin Rodgers has made a personal decision to retire from the industry to pursue other ambitions including academia and music,” a spokeswoman said.
Deutsche Bank, like many of its peers, has seen profit from foreign-exchange trading drop off sharply recently. In January, the bank blamed weakness in fixed income and currency trading for a 16% year-over-year decline in overall revenue in 2013.
Rodgers’ departure comes as regulators in the United States, Britain, Europe and Asia are looking into whether traders at around 15 of the world’s biggest banks colluded to use client order information improperly to influence the daily “fixes” seen as benchmark rates in the $5.3 trillion-a-day market.
Deutsche Bank has fired at least three staff members in connection with the probe. The bank also recently placed on leave a London-based salesperson after an internal investigation turned up what the bank regarded as inappropriate communication between the staff member and Singapore’s central bank, according to a person familiar with the matter.
The Wall Street Journal is reporting the departure is not linked to global FX probes. A statement by Deutsche Bank said Rogers had informed the bank about his planned resignation at the beginning of the year.
For more on the global Forex industry see the LeapRate-Dow Jones Forex Industry Report.