Deutsche Bank has lost a senior fixed-income executive as staff departures continue
- Raj Bhattacharyya is leaving Deutsche Bank after a variety of senior roles in fixed income during a 17-year career at the firm.
- He was most recently head of the emerging-market debt and foreign-exchange business in the Americas, according to an internal memo.
Deutsche Bank has lost another senior fixed-income executive as staff turnover continues to plague the German bank.
Raj Bhattacharyya, the head of the emerging-market debt and foreign-exchange business in the Americas, is leaving the firm after 17 years, according to an internal memo seen by Business Insider.
Bhattacharyya joined Deutsche Bank in 2001 and at one point helped colead the debt capital markets group for North America, according to the memo. A Deutsche Bank spokeswoman confirmed the memo's contents and declined to comment further.
Bhattacharyya is a member of a small group of the world's wealthiest and most successful traders who have been able to obtain an ISDA master agreement for themselves, allowing them to trade as individuals in the complex world of derivatives normally reserved for institutions, Bloomberg News reported last month. He was able to obtain the agreement to trade as a client of Deutsche Bank in addition to being an employee, the report said.
Bhattacharyya is just the latest trader to leave Deutsche Bank as newly named fixed-income chief Ioannis "John" Pipilis moves to put his mark on a business that has traditionally been the power center at the Frankfurt-based firm's trading operations. Pipilis replaced Ram Nayak, who had run the operation since 2015.
Sean Bates, the bank's London-based global head of emerging market debt trading who had reported to Nayak, left last month, Business Insider previously reported.
Deutsche Bank has been shuffling major trading executives in the last several weeks after the appointment of new CEO Christian Sewing. Sewing, who replaced former chief executive John Cryan in April, has said the bank will scale back its ambitions after three years of losses and he's already announced a plan to cut more than 7,000 employees.