Deutsche Bank shook up its Singapore macro trading team ahead of bonuses
Along with the rest of the market, Deutsche Bank's macro traders didn't have the best year in 2024. As the German bank prepares to ramp up its fixed income presence in America in 2025, there are signs that it's shaking things up in Asia too.
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Shortly before Christmas, sources say Deutsche made a series of promotions in its Singapore macro business. These came as a surprise given the lateness of the year.
Pallav Kumar, the bank's head of Asian rates trading, who joined from Goldman Sachs in 2019, was made head of Asia FX trading.
Zhiling Tan, Deutsche's former head of rates exotics trading in Asia is understood to have become the bank's overall head of rates trading in Asia, taking Kumar's role.
Rahul Bhan, who's spent his entire career at Deutsche in Singapore, has been promoted to head of emerging markets rates trading in Asia. Arijit Ganguly, another Deutsche Bank lifer, and the bank's head of Asia non-deliverable forward (NDF) trading, has been made head of eTrading.
And Daniel Sedelmaier, who was the COO for Deutsche's global emerging markets trading business in Asia, has moved into an FX product role.
Deutsche isn't commenting on the reshuffle. They come after the bank reported a 5% year-on-year increase in its fixed income currencies and revenues in the first nine months of 2024. The bank is due to report its fourth quarter results in February, but doesn't announce bonuses until March.
Deutsche has spent the last few years building out its Asian credit trading business. Its Asian credit trading revenues are understood to have tripled since 2021. The recent fate of the bank's Asian macro revenues is less clear.
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