Deutsche Bank Restructures Global Equities Derivatives, Appoints New Heads

Rachel Walsh

10 November 2008

Deutsche Bank has promoted two of its senior employees, Michele Gissi and Roger Naylor, as heads of global equity derivatives, as part of a restructuring of the unit which has reportedly suffered significant losses.

Mr Gissi has been with the bank for 12 years and Mr Naylor has worked at the Frankfurt-listed bank for 10 years.

Richard Carson, former global head of equity derivatives and Nino Kjellman, head of Asia equity derivatives, as well as a trader named Andrew Kent, have left the bank, a Deutsche Bank spokesperson confirmed to WealthBriefing following reports by the news agency Bloomberg that they had left the company.

Deutche Bank declined to comment further on why the three people have left the bank or what their future plans are.

Deutsche Bank lost more than $400 million on equity derivatives trades as stock markets headed for their biggest rout since the 1930s, two unnamed people with direct knowledge of the matter said on 27 October, according to Bloomberg. The losses were equal to almost half of the bank’s second-quarter revenue from equity sales and trading.