Deutsche Bank's global head of program trading quietly left the bank

In a blow to Deutsche Bank's sales and trading business, Yao-Chung King ('Yao King') is understood to have left the German bank.

King was Deutsche's New York-based global head of program trading, and insiders say he was one of the bank's biggest producers. He'd been at Deutsche Bank for nearly seven years since joining from Citadel in May 2012, and was made global head of program trading in September 2018 (having previously been head of program trading and ETF trading for the Americas).

Deutsche Bank declined to comment on King's exit, but colleagues confirmed his departure. 

King's disappearance comes as Deutsche attempts to increase its sales and trading revenues after a challenging 2018 in which costs and headcount at the bank were cut in the front office. Deutsche has yet to announce bonuses for last year, but the expectation is that the overall bonus pool will be down 10%, if not more.

King's exit may also impact Deutsche Bank's attempt to increase its equities sales and trading revenues under Peter Selman. Revenues in Deutsche Bank's equities business fell 12% last year, more than at any rival major bank. 

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