CS Credit Suisse Group

Deutsche Bank AG plans to promote Ram Nayak, the senior markets-structuring executive in the investment bank, to run its global fixed income business, according to people briefed on the planned appointment.

His promotion, which hasn't been announced, is set to fill another senior role in Deutsche Bank's core securities-trading business. The Wall Street Journal reported earlier this week that the German lender is planning to promote North American equities head Thomas Patrick to oversee the stock-trading and -financing business globally.

Mr. Nayak didn't respond to requests for comment. A Deutsche Bank spokesman declined to comment.

Messrs. Nayak and Patrick are both slated to report to Garth Ritchie, the people familiar with the appointments said. Mr. Ritchie last month was promoted from his role overseeing equities globally to run Deutsche Bank's market business.

As part of moves announced in October, the markets business is being separated from the bank's advisory and corporate-finance unit in a breakup of the investment bank.

The fixed-income and currencies trading business, known as FIC, has long been a stronghold of Deutsche Bank's markets division and of the bank generally. But it's set to become leaner following cuts to businesses deemed to tie up too much capital, as part of broader efforts by new co-Chief Executive John Cryan to reduce Deutsche Bank's reliance on debt and to lower its risk-taking. The bank last month announced a range of cuts, including several that will shrink its fixed-income footprint.

Mr. Nayak joined Deutsche Bank in its London office from Credit Suisse Group AG in 2009, and has been overseeing internal structuring across asset classes in the markets division, including equities and fixed income. In that role, he's known as the keeper of the markets business balance sheet, guiding decisions on where capital is allocated, according to people inside Deutsche Bank.

His slated appointment to a role under Mr. Ritchie, a longtime equities-trading manager, in itself reflects the depth of change at Deutsche Bank. Fixed income until last month reported to Colin Fan, the co-head of the investment bank, who has left.

Above Mr. Fan, Anshu Jain, the co-CEO Mr. Cryan replaced in July, came up through the fixed-income business to run global markets before becoming co-CEO in 2012.

Even so, Deutsche Bank's debt-trading division has had higher-than-average turnover in its top ranks. Last year, Richard Herman left Deutsche Bank after less than a year and a half as co-head of the fixed-income business. Another senior executive, Zar Amrolia, also left that role and later left the bank.

Now, the global markets business overall is being restructured and downsized as Deutsche Bank grapples with new, more-onerous banking regulations and a series of profit disappointments.

Analysts and investors are watching for how well Deutsche Bank can cut expenses while maintaining a strong position in areas such as fixed income, a key driver of profits.

Giles Turner contributed to this article.

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November 08, 2015 20:45 ET (01:45 GMT)

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