A senior executive at Deutsche Bank is stepping down after 15 years at the financial institution. Kevin Rodgers, the bank’s global head of foreign exchange, said he is retiring to concentrate on scholarly interest.
The move comes at a time when various big banks are under scrutiny to find whether they allegedly manipulated key forex benchmarks. More than a dozen authorities in Asia, the United States, Oceania, and Europe and in the UK are currently investigating the banks to see if their traders exchanged sensitive client orders, which helped them manipulate benchmark rates of the $5.3 trillion-a-day forex market.
The allegations have triggered the gradual shift to electronic trading platforms as clients seek greater accountability in transaction fees and pricing.
Renee Calabro, a spokeswoman for the ban, said that Rodgers “made a personal decision to retire from the industry to pursue other ambitions including academia and music”. Rodgers, who will leave in June, informed the Frankfurt-based bank of his planned resignation in the beginning of this year.
When contacted by Bloomberg on the matter, Rodgers refused to explain the reason for his departure. So far, Deutsche Bank has insisted that it is fully assisting regulators with the manipulation investigations. A person with direct knowledge of the matter told Bloomberg that Rodger’s decision to retire isn’t in anyway tied to the investigations.
Rodgers started working for Deutsche Bank in 1999 after his previous employer; Bankers Trust Corp was acquired by the German bank. He has previously worked in various roles such as commodities, energy trading and foreign exchange risk management. To register for a free 2-week subscription to ForexMinute Premium Plan, visit www.forexminute.com/newsletter.
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