Deutsche Bank just waved farewell to its emerging market debt trading chief as cuts begin to mount
- Deutsche Bank's head of emerging market debt trading Sean Bates left the bank last week, according to people familiar with the matter.
- The German lender has been shuffling key executives in the last several weeks under new CEO Christian Sewing.
The turnover in Deutsche Bank's trading business continues.
Sean Bates, the bank's London-based global head of emerging market debt trading, left the bank last week, according to people with knowledge of his departure. He'll be replaced by James Davies, head of structuring in the fixed-income and currencies department, one of the people said.
Deutsche Bank has been shuffling major executives in the last several weeks after the appointment of new CEO Christian Sewing. The CEO, who replaced former chief executive John Cryan in April, has said the bank will scale back its ambitions after three years of losses. The bank is looking at various ways to cut costs and pull out of businesses where it isn't profitable.
As head of emerging market debt trading, Bates was a managing director. He had reported directly to Ram Nayak, head of fixed-income for the Frankfurt-based bank until taking on a new role as head of risk and resource management earlier in May. Nayak was replaced by John Pipilis.
A number of key Deutsche executives have also exited the bank in the last several weeks, including investment banking co-head Marcus Schenck.
Earlier in May, Deutsche Bank named a new US head of a group that distributes fixed income and equities products to clients, tapping John O'Brien as head of the institutional client group in the Americas, according to an internal memo viewed by Business Insider.