Deutsche Bank AG has named two new co-presidents of its corporate and investment banking division, the Financial Times reported May 12, citing an internal memo.
Ram Nayak, currently head of fixed-income trading, will become a co-president and will hand over management of global fixed-income to Ioannis Pipilis, formerly co-head of global credit trading. Nayak will also oversee risk and resource management across the bank.
Mark Fedorcik, currently head of U.S. corporate finance, will be the other co-president, and will continue to lead the U.S. corporate finance business in the U.S.
The shakeup forms part of the restructuring of Deutsche's CIB unit, which the division's boss, Garth Ritchie, called a "new phase." Part of Deutsche Bank's plan is reduce commitments in the U.S. and Asia, where cross-border activity is limited.
Fedorcik also told the FT that the bank will accelerate its efforts to weed out underperformers in the division. He said Deutsche Bank is looking to be more like Goldman Sachs Group Inc., which routinely weeds out the bottom 5% of its staff each year.
The new co-president added that there would be less hiring in 2018 than in 2017, when the bank recruited more than 30 managing directors externally, the FT wrote.
Meanwhile, CEO Christian Sewing said during an investor forum in Singapore that the bank will maintain its "strong" Asian presence despite the overhaul, Bloomberg News said May 14.
"There is no question that our Asia business is key to our broader global success," he said.