Redundancies seem to be rolling in at Deutsche Bank. Following this morning's news that one of DB's biggest EMEA fixed income producers resigned, it now seems that a senior U.S. equities executive at the German bank has gone the same way.
DB insiders say that Heidi Fischer, the bank's former head of electronic equities trading in the Americas and co-head of Americas cash execution, left the bank yesterday. It's not clear where Fischer's going next, but there are suggestions that she's off to Instinet.
Deutsche Bank declined to comment and Fischer didn't respond to a request to elaborate.
Fischer's exit follows big cuts to Deutsche's U.S. equities business last year and the arrival of Greg Sutton from Citi to lead the cash execution business in March 2019.
Fischer was one of the most senior women on Deutsche's U.S. trading floor. The German bank is under pressure to make further cuts to its U.S. equities business, which J.P. Morgan estimates loses €200m-€300m each year.
In a pep talk to his staff in March, Deutsche Bank head of equities Peter Selman said the bank's equities business was doing fine and that staff shouldn't be discouraged by people leaving. Equities sales and trading revenues at Deutsche Bank fell 19% in the first quarter compared to 2018, but this was less than at some rival banks.
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