DEUTSCHE Bank’s former co-head of fixed-income and currencies (FIC) trading has formally left the bank to join British forex market maker XTX Markets.
Zar Amrolia stepped down as head of FIC in November last year to advise Deutsche Bank’s investment banking arm on its digitalisation strategy.
Widely credited with turning Germany's largest bank into a global leader for fixed income and currencies trading, leading market share for a number of years, Amrolia joined the bank in 1995.
After a brief stint at Goldman Sachs, he returned to the forex division in 2004. He was appointed global head of foreign exchange in 2006, and created co-head of remodelled FIC division with Wayne Felson in 2012.
Amrolia is set to join XTX Markets as co-chief executive officer with Alex Gerko in October. XTX was spun off from GSA Capital Partners in July.
Deutsche Bank’s FIC revenues fell in 2014, and the bank has been plagued by record-breaking fines. In the first six months of the year, FIC revenues did recover, but are still well below 2012 levels.
Deutsche Bank declined to comment.