- REUTERS/Luke MacGregor
A senior executive at Deutsche Bank is set to leave the bank.
Brad McKee, an emerging markets specialist who was most recently head of Latin America structured debt, will leave at the end of the year, according to people familiar with the matter.
McKee joined the bank 10 years ago, and held a number of roles at the bank including global cohead of emerging markets structured credit trading.
He previously spent 13 years at JPMorgan in New York, Mexico, and Buenos Aires.
It has been a tough year for Deutsche Bank’s markets unit, and the emerging markets business in particular has taken a hit.
The bank has exited some parts of the securitized debt-trading market and cut its emerging-markets debt trading business, with the bank reporting “significantly lower” emerging market debt revenues in the third quarter, driven by “lower client flow, rationalisation of country presence and macro uncertainty.”
John Cryan, the bank’s CEO, was remarkably honest about the challenges the bank has faced during a third-quarter earnings call. He spoke about “infuriating” news stories about the bank, and the fact that clients don’t call as much when the bank is in the headlines.
“The only way to combat this is actually to deliver what we said we’re going to deliver and improve the bank and, where possible, meet our targets,” he said. “And hopefully, people get immune to the fact that there’s all sorts of nonsense spoken about the bank from time to time, and they listen to the official communications and not to speculation.”
Deutsche Bank declined to comment.