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Deutsche Bank AG’s global head of foreign exchange sales Hans Ephraimson is leaving after more than three decades at the German lender.
A successor will be announced shortly and Ephraimson will “facilitate a smooth transition” of his responsibilities, according to an internal memo seen by Bloomberg News. There was no mention of a reason behind Ephraimson’s exit.
A Deutsche Bank spokesperson declined to comment on the memo.
New York-based Ephraimson was appointed global head of currency sales in late 2017. Deutsche has made several recent hires in foreign exchange to extend market share gains in its wider fixed-income business, part of a plan to invest selectively in growth areas.
Deutsche Bank’s foreign exchange unit has been a key pillar of the investment bank as revenue growth helped make up for weakness in the business of advising on stock and bond issuance in the first nine months of 2022. The wider trading arm is cementing its role as the lender’s biggest revenue engine by far and and a fundamental part of Chief Executive Officer Christian Sewing’s turnaround strategy.
–With assistance from Dinesh Nair and Rainer Buergin.
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