Deutsche Bank rings the changes in European derivatives

The bank has named Alfred Cheng and Mike Ross as co-heads of a newly-combined equity derivatives and synthetic sales team in Europe, the Middle East and Africa covering institutional clients, a spokesman confirmed.

Cheng was head of Emea flow derivatives sales, while Ross led Emea synthetic equity sales.

In a memo sent to staff announcing the moves and seen by FN, global head of equity sales Jonny Potter said that combining the global equity derivatives and synthetic sales businesses was a “natural next step” in the bank’s efforts to “deliver seamless coverage to our clients”.

Deutsche Bank said earlier in December that it will cut off some 3,400 trading clients in its global markets division, with a memo from the bank citing the need to balance “risk, revenue and profitability”.

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