Turley named global FX head at Deutsche

Deutsche Bank's European FX head Jim Turley will take over as head of global FX from current incumbent Hal Herron, who is stepping down after four years at the helm for a three-month sabbatical in his native Australia.

Turley will take over the top forex job at Deutsche, which has one of the largest foreign exchange units in the world, in December. An internal memo from Anshu Jain, head of global markets at Deutsche, said external candidates were not considered for the position, testifying to the success of Deutsche’s FX team.

"Turley is a strong contributor to the direction and strategy of the division, and has played a critically important role in helping leverage our foreign exchange strength to create opportunities for other areas of the bank," said Jain in the memo.

Turley joined Deutsche in 1995 as head of exotic options trading. He joined from Bankers Trust in London, which later merged with Deutsche in 1999.

Herron also co-managed global markets in Europe alongside Wolfgang Matis, who will now assume sole responsibility for global markets in Europe.

Herron took over as global head of FX from Michael deSa in 1998. During his tenure Herron steered the bank to a series of record foreign exchange results. Earlier this month Deutsche reported the latest in a series of big percentage increases for foreign exchange earnings, taking its trading profits over the e1 billion mark for the year to date.

In 2000, the German bank was placed third in the final rundown of global banks’ forex revenues after Citigroup and HSBC, according to an annual ranking of global banks by FX revenue compiled by RiskNews' sister publication FX Week.

"He has overseen our foreign exchange business in its ascent to the very top of the industry, and he has been instrumental, in partnership with Wolfgang Matis, in building a strong culture of co-operation throughout the region," said Jain. "Hal leaves FX in impeccable shape - a tightly run, cohesive business, on course for another year of record earnings growth with an excellent reputation and a rapidly expanding client base."

Herron joined the bank through Deutsche Morgan Grenfell in 1989 in Sydney. Prior to that he worked for Bain & Co, a strategy consulting firm, in New York. Jain said Herron would return to Deutsche in a senior role following his break.