Deutsche Bank has appointed Mark Ritter as chief operating officer of its global credit trading arm. The move, effective immediately, comes one year after his high-profile move from UBS, when he joined Deutsche as global head of commodities.Ritter denied the move was linked to the collaterised debt obligation trading scandal that surrounded trader Anshul Rustagi back in January, when he allegedly overstated his profits by £30 million. “I’m not moving here because of any issues we have,” he told RiskNews.
He said that he was well placed to implement Deutsche’s credit strategy despite the fact his previous two jobs have been in commodities. “Having been in markets, so many different markets, over my career, if you’ve got a spot, a forward and a volatility curve you can pretty much price any product. And the concept of analysing risk transcends any products.”
New York-based Ritter will report jointly to head of the global credit trading division Rajeev Misra and Mark Ferron, chief operating officer for global markets. Following the move, Jim Turley, head of global currencies and commodities, will assume operational responsibility for the commodities business.
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