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Morning Coffee: Upset in Deutsche Bank’s FICC business. Earn $385k straight after an MBA

Are Deutsche's fixed income traders on shaky ground?

Are Deutsche's fixed income traders on shaky ground?

Deutsche Bank has a reputation for appointing co-heads of its businesses. Deutsche-watchers say it’s a way of sharpening the wits of those in charge – co-heads never quite feel secure, one can always be lopped off. Now this fate has befallen Zar Amrolia, Deutsche’s co-head of fixed income currencies and commodities trading.

Bloomberg reports that 51-year old Amrolia, who is based in London, has stepped down/been shunted aside with immediate effect. He’ll be replaced by 44 year-old Rich Herman, who was promoted to co-head of Deutsche’s fixed income business in February, and moved to London from New York shortly afterwards.

The exit is likely to cause consternation at Deutsche’s London office. Amrolia had been head of foreign exchange at the German bank since 2006 and should surely be feted for steering the bank through the FX scandal (for which JPMorgan has just announced $5.9bn of provisions) unscathed. Instead, he’s being replaced with a banker from Deutsche’s U.S. fixed income business, which the German bank is in the process of expanding. Although Deutsche remains committed to fixed income, question marks continue to hang over the future of the division. There was a a big revenue decline between the second and third quarters, and the Economist this week asks whether Deutsche has a strong enough balance sheet to compete with its big American rivals.

Separately, some newly graduated MBAs are earning $385k (£241k) in their very first years out of business school. The fortunate few have graduated from Stanford University and gone into private equity. Poets & Quants, a blog site covering MBA careers, has produced the following table showing pay for Stanford’s graduating MBA class. Unsurprisingly, finance has been a popular career option with the Stanford MBAs who graduated this year.

Pay for MBAs graduating from Stanford Business School:

Stanford MBA pay

Source: Poets and Quants

Meanwhile:

Ex-Goldman partner who joined Brevan Howard’s new equities fund just over a year ago has inexplicably quit. (Finalternatives) 

Goldman Sachs’ new infographic on the lifecycle of a transaction (Goldman Sachs) 

Deloitte is hiring ‘independent IPO advisers’. It’s just recruited a new partner and is looking for an assistant director to join its team under head of markets, John Hammond. (Financial Times)

Bill Gross: governments need inflation just to pay their debts, but they’ve created it in all the wrong places. (Janus) 

Another ex-Pimco fund manager has come back now that Gross has gone. (Financial Times) 

Bond trading vernacular: the ‘Guppy suck’? (Guardian) 

Jutting was a member of a private members club in Shoreditch. (DailyMail) 

Did someone else set Rurik Jutting’s out of office message as a joke? (Bloomberg View) 

Things you must do before switching jobs (‘Be like a panther’). (Marketwatch)

Indications that you are on track for a midlife crisis. (Inc) 

The more you visualize your desired future, the less likely it is to happen. (Guardian) 


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