19 April, AtoZForex, London – Ahmet Arinc Deutsche Bank Head of Global FX on leave, according to sources with knowledge of the matter. Interestingly, Deutsche Bank remains the only one global investment banks which has not yet reached a settlement with the US Department of Justice. Regarding the allegations that investment traders at each of the banks conspired to rig foreign currency rates. Having that said, it is unclear if the Deutsche Bank Head of Global FX on leave is connected with the continuing regulator probes.
JPMorgan Chase, Citi group and four other major banks have already agreed to pay more than $5.8 billion in fines and enter guilty pleas in connection with the currency rigging probe.
Deutsche Bank Head of Global FX on leave
Mr. Ahmet Arinc, who remains an employee at the Deutsche Bank and also oversees emerging-markets debt, was not available for comment when contacted by phone. As the Deutsche Bank Head of Global FX on leave, the German bank is reportedly looking to replace him with an internal candidate. According to the people from the investment bank, who asked not to be identified because the matter is private. Meanwhile, a spokesman at Deutsche Bank in London declined to comment about the matter.
Deutsche Bank has been decreasing some fixed-income activities and dropping riskier assets amid tougher regulatory conditions. Mr. Arinc was appointed as the Deutsche Bank Head of Global FX in late 2014, according to the bank’s website. Before co-Chief Executive Officer John Cryan started cutting back the securities business.
The world’s biggest lenders made $9.5 billion in revenue last year by helping clients to buy and sell the world’s most heavily-traded currencies, such as USD, EUR, or JPY. This marked an increase of 19% from the previous year. According to data from Coalition Development Ltd. Deutsche Bank was the world’s second largest trader of the products after JPMorgan.
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