Deutsche Bank is reorganizing the fixed-income trading division that produces almost a quarter of the firm’s revenue after the unit’s leader announced his departure in May.
Bloomberg News reports that Michael Ormaechea, a senior executive for the division in Asia, will lead an executive committee overseeing the business, according to an internal memo obtained by Bloomberg.
Its products and services are being divided into six main groups, and leaders for three of them will report to Colin Fan, co-head of corporate banking and securities, according to the memo.
'This new governance structure will ensure clear accountability within each product, allow greater efficiency and operational excellence across products', Fan wrote in the memo, which was sent to staff last week.
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