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Deutsche Bank announces new mgt committee for global markets business
[LONDON] Deutsche Bank on Thursday announced a new management committee for its Global Markets division as part of a shake-up of Germany's largest lender, according to an internal memo seen by Reuters on Thursday.
Among the new appointments, Ram Nayak was named head of debt trading, combining the German bank's rates, credit, foreign exchange and emerging market debt (FIC) activities with is structured finance trading business.
Tom Patrick was appointed new head of global equities, replacing Garth Ritchie, who has been promoted to run the entire Global Markets division.
A Deutsche Bank spokesman confirmed the contents of the memo.
The German bank, which has a big presence on Wall Street, announced in October that it would split its investment bank in two after mounting shareholder pressure for reform, with one part focusing on corporate and investment banking - traditional mergers and acquisitions and other advisory work - and the other on sales and trading run by Ritchie.
The corporate and transaction banking operations have been brought together in a Corporate & Investment Banking unit to be overseen by current investment bank co-head Jeff Urwin and which earlier on Thursday announced its new management team.
Reuters reported earlier this week that the German bank could announce the new team as soon as this week.