Deutsche Bank's fixed income traders have lost their cheerleaders. Anshu Jain: gone. Colin Fan: gone. Michele Faissola: gone.
Instead, Jain's army is about to be led by Garth Ritchie, the 47 year-old head of the bank's global equities business. In future, Ritchie will be head of a new global markets and trading business combining equities and fixed income.
So far, so good. Equities businesses are, after all, less capital hungry and have been performing considerably better this year than their fixed income brethren.
Except... Except people are pointing out that Deutsche's equities sales and trading business is a mere bit player.
Ritchie was named global co-head of equities in 2008. By 2011, however, there were complaints that Deutsche's equities business wasn't making much headway: in 2004 it had ranked fourth globally; seven years later, it was seventh based upon Bloomberg figures for revenue share.
Things haven't improved much since. As the chart below from Markit shows, Deutsche only ranked 6th for European cash equities in 2015. This was the same as 2014 and was down from third in 2012. Not exactly progress, then.
In fixed income sales and trading, meanwhile, Deutsche Bank ranks first globally according to Greenwich Partners. Why, then, is a world-leading trading business about to be run by someone who's been managing a bit player?
European cash equities market share, customer business, 2015