Zar Amrolia has been promoted to global head of foreign exchange at Deutsche Bank. Amrolia replaces Jim Turley, who had the wider role of head of global currencies & commodities.
Amrolia, who was previously global head of foreign exchange sales, is in his second stint at Deutsche following a four-year sojourn at Goldman Sachs between 2000 and 2004. He will report to Alan Cloete, head of global finance & foreign exchange. Amrolia will continue to be based in London in his new role.
In turn, Turley has moved to become global head of the Institutional Client Group, replacing Brian Reid, who is taking a sabbatical after 21-years in the industry. Sources say that Reid intends to return to Deutsche at some stage in 2007.
Someone familiar with the structure of Deutsche described Turley’s new role as ‘huge’. He will have global responsibility for the bank’s institutional investors and hedge funds.
Cloete said in a press release: “Foreign Exchange is a core business for Deutsche Bank. Our ability to achieve market leadership in foreign exchange was one of the earliest signs of our having broken into the bulge bracket and it remains one of our proudest achievements. The business combines the bank’s best traditions of consistent innovation and dominant market share. Foreign Exchange is also recognised as one of the pioneers of inter-divisional co-operation and has had great success working in co-operation with other areas of the bank.”