LeapRate's Daily Forex Industry Newsletter
Join now to receive first access to our EXCLUSIVE reports and updates.
Screenshot of a breaking news alert e-mail from Q2 2017
Bloomberg is reporting that global head of FX at Deutsche Bank AG (USA) (NYSE:DB), Ahmet Arinc, is on leave from the company, citing people with knowledge of the situation.
Deutsche Bank is the only one of the major global banks which has not yet reached a settlement deal with the US Department of Justice regarding allegations that traders at each of the banks conspired to rig currency rates. JPMorgan Chase, Citigroup and four other major global banks have already agreed to pay more than $5 billion in fines and enter guilty pleas in connection with the currency-rigging probe.
It is unclear if Mr. Arinc’s departure is connected with the continuing regulator probes.
Arinc still remains an employee of Deutsche Bank according to Bloomberg. but wasn’t available for comment when contacted by phone. Deutsche Bank is reportedly looking internally to replace him.
Deutsche Bank has been shrinking some fixed-income and trading activities, while offloading riskier assets amid tougher regulatory scrutiny.
Ahmet Arinc was appointed global head of FX at Deutsche Bank in 2014.
The amount of Revenues earned by big banks from their Forex operations – helping clients buy and sell the world’s most heavily-traded currencies – actually rose by 19% in 2015, according to data from Coalition Development Ltd. Deutsche Bank ranked as the #2 trader of Forex products after JPMorgan Chase, according to Coalition.