Deutsche Bank's new FX big dog in Singapore
Deutsche Bank’s APAC foreign exchange business has received a big boost after one of its top bankers was promoted to run the business globally.
The German bank has appointed Singapore-based Sameen Farooqui as global head of FX along with New York-based Chris Leonard. It’s a big appointment to a business that has come through some tough times but one which the bank regards as core to its investment bank.
For Farooqui it adds to his already busy workload, and he will add the global FX role in addition to his existing responsibilities as global head of emerging markets and co-head of fixed income and currencies for APAC.
A 20-year veteran of the bank, Farooqui joined Deutsche’s India branch in May 1999 in interest rate trading. In 2006, he relocated to Singapore, where he held a number of roles within Asia Rates and FX trading prior to his promotion to head of global emerging markets, a business that spans markets and 30 locations across Latin America, CEEMEA and Asia.
Deutsche has promoted Farooqui and Leonard because Russell LaScala, Deutsche’s London-based global head of FX, is retiring. LaScala, who joined Deutsche Bank in 2003, was promoted to co-head in 2017, and helped steer the business thought one of the toughest periods in its history and back to the top of the Euromoney FX survey, an accolade that Deutsche holds dear.
In 2016, the bank slumped to eighth place in the rankings as its poor credit rating associated with a litany of legal and regulatory problems affected its ability to compete for FX business from corporate clients.
Last year, revenues from Deutsche’s FX business rose significantly, helping to boost overall revenues in its FIC Sales & Trading business by 26% to €8.9 billion.
Farooqui faces a very different challenge to the hugely popular LaScala. Rather than restoring a faded franchise to its former glory, Farooqui has to keep the bank on top while rivals snap at its heels.
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