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:
Source: Poets and Quants
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